Dáil Éireann debate -
Thursday, 18 May 2000

Vol. 519 No. 4

Written Answers. - Insurance Compensation Fund.

Pat Rabbitte

Question:

53 Mr. Rabbitte asked the Tánaiste and Minister for Enterprise, Trade and Employment the total amount outstanding from a company (details supplied) which is under administration under the terms of the Insurance (Miscellaneous Provisions) Act, 1985, to the insurance compensation fund; the discussions, if any, which have been held with the company with regard to the way in which the liability is to be discharged; when it is expected that the liability will be discharged; and if she will make a statement on the matter. [13963/00]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy)

The total amount outstanding from the company concerned to the insurance compensation fund at 31 December 1999 was IR£207.8 million. This comprises a IR£100 million advance made in 1985, which is repayable in September 2000, and a IR£32 million advance made in 1992, which is repayable in 2012. The remaining IR£75.8 million is the total of the annual advances made between 1993 and 1999 under funding arrangements with the banking sector for the payment of the liabilities of the company. While this amount is formally repayable on demand to the insurance compensation fund, the date and amount of any repayment will be determined as the administration progresses.

Discussions are held regularly with the administrator on the progress of the administration of the run-off of the liabilities of the company and arrangements for the discharge of its obligations to the insurance compensation fund.