Dáil Éireann Debate, Thursday - 19 December 2013
327. Deputy Billy Kelleher asked the Minister for Health when the Department will address the regulatory status of the VHI in line with the European Court of Justice ruling; and if he will make a statement on the matter. [54772/13]
View answerThe Government agreed in December 2011 to address the European Court of Justice ruling of September 2011 and to work with the VHI in its application process for authorisation by the Central Bank of Ireland (CBI), subject to further Government consideration of any application for authorisation. Officials from my Department, the VHI and the CBI continue to engage regularly to progress the application. My Department is also in regular contact with the EU Commission in relation to the authorisation and related issues.
Authorisation is a complex and time consuming process and despite good progress, it will not be possible to authorise the VHI before the deadline of 31 December 2013. The Government has decided to request a year's extension from the EU Commission, with a commitment to seek to have VHI authorised by end 2014. VHI has stated that it will seek to raise any capital itself through reinsurance and subordinated loans. VHI's readiness for authorisation and any subsequent capital requirements will be determined by the CBI after its assessment of their application.
