I do not think that any useful purpose would be served at this stage by having an inquiry into the affairs of the two enterprises to which the Deputy refers.
In relation to the PMPA, I am satisfied that all necessary steps were taken by my Department to monitor the affairs of the insurance company with a view to protecting the interests of policy holders. It was not until August 1983 that firm evidence of a problem became available as a result of a specially-commissioned consultancy study, the conclusions of which were confirmed by a second expert opinion received in October 1983. This was followed by the enactment of legislation which allowed of the immediate appointment by the High Court, on the petition of the Minister, of an administrator to the insurance company. The Deputy will be aware, I am sure, that the administrator is pursuing a number of actions against former auditors of the PMPA.
In relation to PMPS, in 1986 a depositor with the society instituted proceedings against the Registrar and the Minister for Industry and Commerce for, inter alia, negligence and breach of statutory duty, (Monica (otherwise) Pascal MacMahon v. Ireland, the Attorney General and the Registrar of Friendly Societies). The plaintiff's action was dismissed both in the District Court and subsequently, on appeal to the High Court.
With regard to the view reportedly expressed by depositors with the industrial and provident society regarding the statement I issued in July 1982, I would refer the Deputy to the response which was given in this House by the then Minister for Industry, Trade, Commerce and Tourism to Question No. 5 on 13 June 1985 (CP24/847), cols. 1501-05) when similar concerns were raised by the Deputy about shareholders in the insurance company.
