The Supreme Court this morning upheld an appeal by the Motor Insurers Bureau of Ireland in respect of who would foot the bill for the collapse of Setanta Insurance. It now looks like the insurance compensation fund, ICF, will have to pay the outstanding claims, of which there are more than 1,600 amounting to more than €90 million. Last June, the Government published a report on the motor insurance compensation framework which recommended that the current 65% cap on ICF payouts be increased to 100%. Will the Tánaiste give a commitment that the policyholders caught up in the Setanta collapse will receive 100% compensation in respect of their claims and that the 65% cap will be lifted immediately by way of legislation?

I have raised this issue continually as the drama of Setanta Insurance has unfolded. While people will be relieved that the Supreme Court has made this judgment, it will come as a crushing blow to many motorists who are waiting for payouts in light of the 65% cap to which Deputy Michael McGrath has referred and the upper limit of €825,000 imposed on payouts.

Some families have been left in a situation in which they are no longer mobile and the cost of their claims are far in excess of that. The cap would be cruel. Will the cap of 65% up to a limit of €825,000 be lifted and will the Minister direct the liquidator to begin immediately payouts to and communication with those who have been waiting for many years?

This is more appropriate to a parliamentary question.

The decision that has been delivered by the Supreme Court today in respect of the cases outlined by the Deputies removes the uncertainty that has existed since 2014. That is to be welcomed. The decision clarifies that the payments will be made from the ICF, which is overseen by a High Court judge and the Central Bank, as the Deputies will be aware. The payment of 65% of the amount due from each outstanding third party claim or €825,000, whichever is the lesser, will be arranged as soon as possible. The Department of Finance has been assured that this will be dealt with as a priority matter, given the urgent need to compensate people who have been waiting a long time.

It is likely that a significant proportion of the balance of third party claimants' claims will be met from the proceeds of the distribution of assets on completion of the liquidation process. I assure Deputy Michael McGrath that draft heads of a Bill amending the relevant legislation will be brought to the Government shortly.

Will the cap be lifted?

The legislation will reflect today's Supreme Court judgment and the recently published Department of Finance report on the reform of the ICF, which will ensure that 100% of claims will be covered in future.

Will that apply to Setanta?

Will the Setanta claims be covered under the legislation?

No. We cannot have a second bite of the cherry.