Dáil Éireann Debate, Wednesday - 19 December 2018
154. Deputy Michael McGrath asked the Minister for Finance the level of engagement between his Department and his Danish counterpart on the failure of a company (details supplied); and if he will make a statement on the matter. [53950/18]
Amharc ar fhreagra155. Deputy Michael McGrath asked the Minister for Finance the level of engagement between him and his Danish counterpart on the failure of a company (details supplied); and if he will make a statement on the matter. [53951/18]
Amharc ar fhreagra156. Deputy Michael McGrath asked the Minister for Finance the level of engagement between the Central Bank and the Danish financial regulators on the failure of a company (details supplied); and if he will make a statement on the matter. [53952/18]
Amharc ar fhreagraI propose to take Questions Nos. 154 to 156, inclusive, together.
In general terms I do not consider it appropriate for either me or my Department to engage with our counterparts in other Member States on regulatory/supervisory matters as in my role as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, and have no role in the day to day supervision of insurance companies. Therefore in the case of Alpha there has been no engagement by my Department or myself with our Danish counterparts. It should be noted that because of the rather unique circumstances of Qudos there has been a telephone call between my officials and their Danish counterparts. This is outlined in another PQ answered today.
The Central Bank of Ireland has advised me that it was notified by the Danish Financial Supervisory Authority on 7 March 2018 that it had ordered Alpha Insurance A/S (“Alpha”) to cease writing new business including renewal of existing contracts and business with immediate effect. It was further notified on 9 May 2018 that the liquidators of the insurance company Alpha had filed a petition for bankruptcy.
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. They 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.
