Dáil Éireann - Volume 392 - 08 November, 1989

Written Answers. - Proceeds of Sale of New PMPA.

64. Mr. McCartan asked the Minister for Industry and Commerce the way in which it is proposed to apply nett proceeds of the sale of New PMPA to Guardian Royal Exchange Insurance Company Ltd.

Minister for Industry and Commerce (Mr. O'Malley): The nett proceeds received by the Administrator of PMPA Insurance plc from the sale of New PMPA will be used by the administrator to settle claims and liabilities of PMPA Insurance plc relating to the period prior to the sale of the ongoing business. In addition to the nett proceeds from the sale, the administrator will continue to have recourse to the insurance compensation fund to meet these claims and liabilities. It is estimated that the nett proceeds from the sale will reduce by about three years the period for which the administrator will need to draw on the insurance compensation fund.