Dáil Éireann Debate, Wednesday - 19 December 2018
157. Deputy Michael McGrath asked the Minister for Finance the level of engagement his Department and the Central Bank have had with the liquidators of companies (details supplied); and if he will make a statement on the matter. [53953/18]
View answerAs a general rule, it is not appropriate in my view for either my Department or the Central Bank to engage directly with the liquidators of insolvent insurers in other Member States. Instead in the cases in question (Qudos and Alpha) the Central Bank has liaised with its Danish counterparts (the Danish Financial Supervisory Authority (DFSA)), in order to try and obtain whatever information is required from the liquidators.
As the Deputy is aware, the European Insurance and Occupational Pension Authority (EIOPA) is the pan-European authority with responsibility for oversight of the insurance industry. In 2017, EIOPA developed a cross-border platform of cooperation between National Competent Authorities (NCA’s) to provide all NCA’s with the opportunity to discuss concerns in relation to specific undertakings, local markets and share general market developments. The Central Bank has advised me that they participate fully in these platforms with other relevant supervisory authorities including the Danish Financial Supervisory Authority (DFSA).
In relation to Qudos, the Central Bank advise that they are in very frequent contact with its Danish counterpart (DFSA), the supervisory authorities of other affected member states though the EIOPA established Collaboration Platform. The DFSA liaises with the liquidator and provides updates to the platform members. I understand that the Danish liquidators are currently continuing their review of the company with a view to determining its underlying financial position. It is expected that more information regarding this matter should be available this week.
The Central Bank have also confirmed that in relation to Alpha Insurance, there was a Platform established in which the Bank engaged with all relevant supervisors including their Danish counterparts.
Details of the liquidators appointed for both companies have been published on their respective websites.
