Fianna Fáil Spokesperson on Finance Michael McGrath TD has welcomed the announcement that the State will step in and ensure outstanding claims associated with Setanta Insurance are paid in full.

Deputy McGrath was commenting in response to today’s announcement by Minister for Finance Paschal Donohoe TD on the matter.

Deputy McGrath commented, “For the past number of years, Fianna Fáil has been highlighting the plight of those caught up in the collapse of Setanta Insurance in April 2014. Almost four years on, former policyholders have been left in the lurch, facing the prospect of being held personally liable for outstanding claims and claimants have been unable to secure 100% of their claim.

“The human toll for some of those mired in this mess continues to be enormous and they will want to know when the nightmare will end. The announcement that the Government has agreed ‘in principle’ to pay the 35% shortfall in claims is welcome, but no timeline has been given whatsoever for this issue to be fully resolved.

“The statutory provision that the Insurance Compensation Fund can only issue payments every six months remains in place and is a further barrier to a swift resolution of the Setanta debacle.

“Today’s announcement is an important step forward but delivery is what really matters. I am raising the Setanta issue as a Priority Question during Finance Oral Questions this afternoon and will continue to raise this issue in the Dáil until all outstanding claims from the Setanta collapse are settled in full.”