Dáil Éireann Debate, Tuesday - 20 June 2017
318. Deputy Michael McGrath asked the Minister for Finance the position regarding the financial position of the Insurance Compensation Fund; the insurance levy revenue for 2016 and 2017; the payouts from the fund in 2016 and to date in 2017; the deficit or surplus which is on the fund; the amount owed to the Exchequer by way of loans; and if he will make a statement on the matter. [28417/17]
Amharc ar fhreagraI am advised that the following represents the current financial position of the Insurance Compensation Fund:
|
- |
Amount |
|
Insurance levy revenue received in 2016 |
€73.28m |
|
Insurance levy revenue received to date in 2017 |
€20.75m |
|
Repayments of amounts advanced under Section 5(1) of the 1964 Insurance Act by the Minister of Finance on the recommendation of the Central Bank in 2016 |
€106.61m |
|
Section 3 Payments in respect of first party Setanta claimants in 2016 |
€608,085k |
|
The current deficit on the ICF |
€811.25m |
|
The amount owed to the exchequer by way of loans |
€833.74m |
There have been no repayments of amounts advanced under Section 5(1) of the 1964 Insurance Act by the Minister of Finance on the recommendation of the Central Bank to date in 2017.
There have been no Section 3 Payments in respect of first party Setanta claimants to date in 2017. However, a number of such payments are due to be made shortly.
