Call for action on Setanta fiasco

Finance Minister Michael Noonan has been urged to call an emergency meeting over the closure of Setanta Insurance to put in place measures to ensure a repeat of the fiasco does not occur.

Fianna Fáil TD Michael McGrath said the move is needed after warning the collapse of the firm last year has left 1,748 people owed compensation after injuries “in limbo” over whether they will receive their money.

Last week, the Oireachtas finance committee heard all Setanta’s claimants remain out of pocket a year after the firm’s closure, with its liquidator admitting just 30% of people will be paid. The issue is unlikely to be resolved until after a High Court hearing later this year.