Vol. 384 No. 6
asked the Minister for Industry and Commerce if he has had any discussions with interested parties concerning the possible sale of PMPA; if any bids have been received from potential buyers; if he has considered the possible implications of PMPA passing out of Irish hands if sold; and if he will make a statement on the matter.
85.
asked the Minister for Industry and Commerce if his attention has been drawn to any proposals to dispose of or sell in any way the PMPA; in the event of such a proposal coming before him, if he has satisfied himself with the outstanding debt still owed to subscribers to the PMPA; his views on the liabilities of the PMPA; if he foresees any prospect of subscribers and investors being refunded in part or in whole in the future; and if he will make a statement on the matter.
I propose to take Questions Nos. 44 and 85 together.
The question of a possible sale of PMPA is a matter in the first instance for the administrator of the company who I understand has been engaged in discussions with a number of interested parties on a possible sale.
The administrator's role in relation to PMPA is to run the company as a going concern with a view to clearing its deficit. If the administrator is of the opinion that a sale of the company can be arranged on terms and conditions that will facilitate him in discharging his functions and will eliminate the deficit earlier than would otherwise be the case, then my main concern, as Minister with responsibility in the insurance area, would be to ensure that the interests of policyholders are protected.
In so far as the liabilities of the PMPA and the position of the shareholders are concerned, the administrator has stated that the extent of the losses of the company is such that in realistic terms there is no prospect of the shareholders recovering any of their investment.
