Committee of Public Accounts to discuss Insurance Compensation Fund and C&AG Section 2 Report with representatives from the Central Bank of Ireland

The meeting in Committee Room 3 of Leinster House will be joined by the Comptroller and Auditor General, Seamus McCarthy, and representatives of the Central Bank of Ireland. Representatives of the Office of the Revenue Commissioners and officials from the Department of Finance will also be in attendance.

During the afternoon session, beginning at 1.30pm, the Committee will consider correspondence and other business of the Committee. 

PAC Cathaoirleach Deputy Brian Stanley said: “The Committee’s Standing Order precludes it from examining the Central Banks’ financial statements, but the C&AG’s Section 2 report and the Insurance Compensation Fund are within the Committee remit, and both of these are before Members for this week’s engagement.

The Committee wishes to examine the C&AG’s Section 2 report and to establish how Central Bank and Department of Finance controls for the withdrawal of Funds from the Central Fund of the Exchequer lapsed, and to ascertain if the new controls in place are robust enough to ensure no recurrence of issue.”

The Committee will also discuss the Insurance Compensation Fund and seek an update on measures that have been implemented by the Central Bank and the Office of the Revenue Commissioners since the publication of the C&AG’s 2020 annual report.

We will also seek an update on the Insurance Compensation Fund levy that was re-established in 2012 as a direct result of Quinn Insurance going into liquidation.

The fund is financed by a levy currently set at 2% which is imposed on premiums paid by policyholders to insurers. The Minister for Finance advanced Exchequer loans totalling over €1bn to the fund between 2011 and 2015. There have been net repayments to the Exchequer totalling €668m and on 31 December 2021, the balance owed to the Minister was just over €554m, including interest.”

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money. Further information on the role and remit of the Committee can be found here. 

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.