asked the Minister for Industry, Trade, Commerce and Tourism if he will give details of the liabilities of ICI following the investigation into the affairs of that insurance company; if he has received a report on the current position of ICI from the administrator; and when and if it is intended to publish the report of these investigations.
Ceisteanna—Questions. Oral Answers. - Report on Insurance Corporation of Ireland.
17.
Since his appointment on 15 March 1985 I have received a number of reports from the administrator of the Insurance Corporation of Ireland plc, who has been keeping me informed on matters affecting the company generally as well as on progress in the efforts to establish the company's precise financial position, which efforts are continuing.
I do not propose in the circumstances to comment on the position of the company, nor would it be appropriate for me to disclose the contents of the administrator's reports. I am unable to say at present when the company's audited accounts for 1984 will be published.
Would the Minister provide me and the House with a list of the ICI reinsurers?
Primarily the administrator is answerable to the court. It is there that all matters pertaining to the company under administration would be submitted. When the audited accounts for 1984 are available, they will be published in the normal course and will be available to the public.
My question asks something different. I am asking about the extent of the liabilities of ICI. I am drawing the Minister's attention to the Official Report, 27 March 1985, column 700, where the Minister, Deputy Bruton, stated that in six weeks he expected to have the extent of the liabilities available to him. I am asking the Minister if he knows what that liability is, yes or no, and if a preliminary figure was made available to him by the administrator or by those appointed to carry out the investigation?
While a six week period was mentioned by the Minister, Deputy Bruton, it has not been possible for the administrator to give an absolute and definitive assessment of the company's position. This will only become available authoritatively when the audited accounts for 1984 are submitted.
That was not the information the Minister, Deputy Bruton, gave the Dáil.
A question, please, Deputy.
Will the Minister of State confirm or deny that the figure of liability is far in excess of what was suggested by the Minister, that is between £50 million and £120 million? Will he say if the sudden death clauses in reinsurance contract clauses are being applied because if that is the case, the figure will not be £120 million, but could be anything up to £500 million sterling? Will the Minister confirm or deny that these sudden death clauses in the reinsurance of ICI are being applied?
I do not intend to discuss any particular aspect of the administrator's business in regard to ICI at this time. What I am saying to Deputy Flynn in a very responsible manner is that a proper, definitive and authorative examination of ICI is being carried out by auditors in respect of the audited accounts for 1984. When the audited accounts are available they will be published in the normal way. These audited figures will present a precise and definitive picture of the company and any other figure would not be proper for me to discuss in the House at this time because the company is under administration and is answerable to the courts.
As regards the English operation of the company, the examination of the figures is more complex than at first thought and I hope the audited accounts will not be delayed because of that. These are the only authorative figures for ICI in administration and when they are submitted they will be published.
The Minister is playing with words. The reinsurance recoveries of ICI and the London office are not working out to the Minister's satisfaction. It is not good enough to give the House two commitments, as Minister Bruton did — one that we would know in six weeks and the other that the taxpayer would not be asked to bear the burden. It is long overdue that the liability of ICI was made known to the general public.
Would the Deputy please confine himself to a question?
Will the Minister confirm that the preliminary figures that have been made known to him indicate——
That is the second or third time the Deputy asked that question.
——that they are far in excess of £120 million? Would he confirm or deny that the question of the liquidation of ICI is an option being considered by the Government at this time?
I have answered this question in relation to ICI administration on the same principles and with the same procedures with which I have answered questions in relation to PMPA. As the House will be aware, I have specifically not answered any questions in relation to aspects of the financial affairs of PMPA under administration and shall not do so either in respect of ICI.
One final supplementary question.
Deputy, I am not going to allow this to continue.
It is a priority question.
I cannot be of further help to the Deputy.
I am not getting a satisfactory response about what has now become a major talking point in the London insurance market and insurance markets generally throughout the world.
The Chair cannot help the Deputy in that regard.
I am sorry that the Deputy has treated this matter in an alarmist and, unfortunately, irresponsible manner. What I have said is that the definitive figure is the audited figure and when that is submitted it will be published.
I call Question No. 18.
One final supplementary. The last time the Minister charged me with being irresponsible, he was found to be wanting.
That is not a question.
Let him not be walking down that dark tunnel again.
Neither is that a question.
Is the Minister aware that the London market at this time is suggesting that the liability will be far in excess of that which was outlined in the Dáil debate?
The Deputy has asked that question several times.
Will he not take steps to protect the Irish policyholders with ICI, so that there will be no danger to their liability cover now or in the future and that there will be no demand on the taxpayer to meet the cost of ICI, in accordance with the Minister's commitment to the House on 27 May?
I am in difficult here, in so far as I have not discussed any particular aspect of either PMPA or ICI in administration. It would be improper to do so because both companies are under the aegis of the court. For me to answer any questions would not be appropriate.
That is the sixth time you have said that.
That is simply what I am saying.
The Minister has the facts and he will not give them out until after the local elections. That is the truth. The whole world is talking about it.