The Irish Brokers Association (IBA) wrote to me recently regarding their concerns arising from the impact of the liquidation of Setanta Insurance Company Limited on their members and their policyholders. They also sought a meeting with me and/or my officials to discuss these concerns. I have asked officials from my Department to meet with the IBA at an early date and discuss these concerns and to report back to me. I understand that arrangements are being made at present for this meeting to take place.
My Department and the Central Bank will be reviewing the circumstances relating to Setanta and will be reporting to me on what lessons can be learnt and how the regulatory framework can be strengthened.