Dáil Éireann debate -
Tuesday, 20 Feb 1990

Vol. 395 No. 9

Written Answers. - Insurance Corporation of Ireland.

Pat Rabbitte

Question:

163 Mr. Rabbitte asked the Minister for Industry and Commerce if he intends to have any discussions with the employees of the Insurance Corporation of Ireland prior to the proposed sale of the company to AGF; the commitments, if any, which were given to him by AGF on the maintenance of employment levels in ICI; the understandings of agreements which have been drawn up between AGF and Irish Life; the intentions, if any, regarding a merger between ICI and Church and General Insurance; and if he will make a statement on the matter.

Minister for Industry and Commerce (Mr. O'Malley)

I understand that AGF have met with representatives of ICI's staff as the implications of the proposed sale for future employment in that company would be a matter primarily for them.

With regard to the position of AGF and Irish Life, and the future relationship between ICI and Church and General, I would refer the Deputy to the statement issued by AGF and Irish Life which stated that:

Irish Life will take a minority shareholding in the new company which will manage the Irish business of ICI. AGF and Irish Life have agreed to consider together the prospects for future development which arise from the purchase of ICI, which enhance the respective positions of both companies in the market whilst at the same time further strengthening the insurance industry in Ireland. One of the potential future developments could be a closer relationship in some form or other between ICI and Church and General, but consideration of this possibility will not take place for some time.