Fianna Fáil Spokesperson on Finance Michael McGrath has welcomed the fact the State Claims Agency will seek the approval of the High Court on 19 November to pay €21m to claimants caught up in the collapse of Setanta Insurance.

Commenting Deputy McGrath said that, “This issue has gone on for far too long for the people caught up in this sorry affair. Setanta Insurance collapsed over four and a half years ago. Yet this only tells part of the story. My colleagues and I have been contacted by people who have had claims outstanding for well over seven years in some cases.

“People’s lives have been put on hold because of this issue and the Government have continually dragged its feet. The Supreme Court made its decision on who should pay this compensation in May 2017, over one and a half years ago. In January of this year, Minister Donohoe gave a commitment that the claimants would receive all the money they are owed.

“Following the enactment of the Insurance (Amendment) Act 2018 earlier this year, claimants had a reasonable expectation that they would receive their money in a timely manner. In September, we were informed that an application to the High Court to authorise it to pay money out of the Insurance Compensation Fund would have been made at the end of October.

“It has been confirmed now that the State Claims Agency will make its application on 19 November 2018 towards the end of this month and if successful claims should be paid within 10 working days of that date.

“Claimants now are at the end of their tether. There can be no more delays with this. People want to move on with their lives. Currently there are over 1,500 claimants who have yet to receive their full compensation. Around 750 of these claimants have not received one cent of compensation while 826 claimants have been paid partially under the previous rules.

“Fianna Fáil has consistently called for this issue to be resolved and we will continue to raise this issue until every single claimant has received their compensation in full”, concluded McGrath.