Dáil Éireann Debate, Wednesday - 16 January 2013
170. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 46 of 12 December 2012, and further to a report in a national newspaper (details supplied) which states in relation to Custom House Capital that the collapse of the entity will leave the State out of pocket by €15 million, if he will reconfirm that the Investor Compensation Company Limited is entirely self-funding. [1552/13]
Amharc ar fhreagraI can confirm the Investor Compensation Company [‘ICCL’] is 100% funded through annual contributions from the financial services industry. In relation to Custom House Capital Limited (in liquidation) [‘CHC’], the total cost of compensation required to be paid under the Investor Compensation Act 1998, as amended, will be met by the ICCL. None of the liability in respect of the ICCL’s compensation payments to former CHC clients will fall on the State. The Deputy may wish to note that the ICCL’s website www.investorcompensation.ie provides information on how it is funded and also contains a copy of the Annual Report and Audit Accounts of the Company for the financial year ending 31st July 2012.
