Dáil Éireann Debate, Tuesday - 23 October 2012
156. Deputy Pearse Doherty asked the Minister for Finance if he will in tabular form the payments by year approved by the Central Bank of Ireland, reductions on such approved payments made by the High Court and the sums actually paid in respect of administration services at the Insurance Corporation of Ireland now Icarom, since that organisation was first placed in administration. [45965/12]
View answerThe Central Bank has informed me that it has no role in the approval of the fees of the administrator of any insurance undertaking where an administrator has been appointed by order of the High Court, although in the circumstances of Icarom they would have advised the administrators that they had no objection to them applying to the court for their fees. The Central Bank has also advised that the determination of fees is a matter which is entirely for decision by the High Court under the provisions of Section 3(4) (b) of the Insurance (No.2) Act, 1983 under which the court shall, from time to time on the application of the administrator, by order fix the amount or the basis of calculation of the amount of the costs, expenses and remuneration of the administrator.
