Dáil Éireann debate -
Wednesday, 24 Feb 1999

Vol. 501 No. 1

Written Answers. - Beef Intervention Insurance.

Pat Rabbitte

Question:

73 Mr. Rabbitte asked the Minister for Agriculture and Food the circumstances in which his Department allocated insurance of EU meat stored in intervention to a broker (details supplied) for a period in the early 1990s; if tenders were sought from the insurance industry for this business; when the broker was first given business by his Department; the value of the premia paid to this broker for each year from when the firm was first given insurance business; and if he will make a statement on the matter. [5259/99]

Minister for Agriculture and Food (Mr. Walsh):

The beef intervention insurance contract entered into with the brokerage concerned in 1990 was on foot of an open, competitive tendering procedure in which a total of seven firms participated. The contract had been publicly advertised on 26 March 1990 and in advance of that, some 19 insurance firms had been invited to tender for the business. The successful tenderer held the contract from 1 June 1990 to 31 May 1993.

The value of the premia paid to the broker for each year of the contract period is detailed hereunder. Variations in the amounts payable reflect the varying levels of intervention beef and/or adjustments to the representative green pound rates applicable.

Insurance Premia Payments 1990-1993 on Intervention Beef Stock Cover

Year	Amount
	£
1990	85,915.94
1991	329,320.73
1992	886,007.45
1993	396,821.93