asked the Minister for Trade, Commerce and Tourism what meetings, if any, were held by him regarding the trading position of the PMPA Insurance Company Limited and if he will make a statement on the matter, so that possible damage to public confidence in the company may be avoided?
Private Notice Question: - PMPA Insurance Company.
As Minister responsible for supervising the activities and, in particular, the solvency of insurance undertakings, it is normal practice for both me and my officials to hold meetings with these undertakings.
Meetings also take place from time to time with outside consultants where consultancy exercises are carried out on particular aspects of the activities of any of these undertakings.
As the meetings which I have described are strictly confidential, it would not be appropriate for me to provide information in relation to the affairs of this or any other company.
I would like, however, to refer the Deputy to the statement issued by me yesterday through the Government Information Services which indicated that this company had always met its statutory obligations as regards solvency and technical reserves.
Is the Minister aware of substantial press comment to the effect that he had met insurance interests in competition with the PMPA to discuss the eventuality of difficulties in trading with the PMPA causing a possible loss of confidence in that company, with serious consequences to a company which insures more than half of the entire number of motorists in the State?
The Deputy will appreciate that I am not responsible for reports which appear in the press which I did not authorise. If these reports have any particular consequences, naturally I would regret that very much. Certainly, I did not authorise what appeared in the press, nor has what has appeared been accurate.
Could the Minister assure this House that he had no discussions with these outside interests along the lines that there could be a problem with the PMPA?
I have already explained in my reply that any discussions which I have with insurance companies on these matters are confidential and I have nothing to add to that.
The Minister may be aware that if he is not prepared to deny having such discussions, that will, regretfully, leave the impression in the public mind that such discussions did take place, which could have a very serious effect of putting in danger a company which is not in any danger at all?
I have already said that what appeared in the press was not accurate. I do not want to add anything further to that.
(Cavan-Monaghan): Could the Minister tell us how the report in question found its way into the newspaper and whether he made any inquiries about that?
I do not know how it got into the newspaper. I have discussed that aspect of the matter with the secretary of my Department and he is pursuing some inquiries. Our general experience in the past has been that where matters of this kind have happened, it is difficult usually to trace the source.
A final supplementary from Deputy Shatter.
In conclusion, does the Minister intend to accept the advice tendered to him by the PMPA and resign?
No, sir.
That is the straightest answer we have got in the last hour and ten minutes about anything.
I am very glad that the Deputy is asking somebody else to resign apart from myself.