Arthur Morgan
Question:101 Deputy Arthur Morgan asked the Minister for Finance if he will make a statement on the status of a company (details supplied). [35420/09]
View answerTuesday, 13 October 2009
Questions (104)
Written answers
The company has been in run-off since March 1985 following the failure of the Insurance Corporation of Ireland. It is operating under the aegis of a court appointed administrator. The administration has been funded by a range of sources, including the sale of profitable parts of the business, moneys borrowed on normal commercial terms, two advances from the Exchequer which have been repaid, and an annual contribution of €11.7 million from AIB for a period of 20 years which expires in 2012. The only cost to the Exchequer to date is the interest foregone on the interest free advance of €40.6 million in the period 1993 to 2002. Current projections indicate that this cost will be more than offset at the conclusion of the administration. At this stage it is not possible to state when the run-off will be completed due to the long-term nature of some of the liabilities.