The Minister for Financial Services and Regulation
21 October 1998 - 26 November 2001
16 May 2001
SUBJECT: Meeting with Insurance Council of Australia re HIH.
On my right is Tony McGrath, the provisional liquidator of HIH, and I have on my left Alan Mason, the executive director of the Insurance Council of Australia.
The parties have reached broad agreement about a way forward to help those enduring hardship as a result of the collapse of HIH. That broad agreement is going to provide support for those most vulnerable.
We are working on the most complicated commercial failure in Australian history. We are working on an extremely complex matter that requires the burning of the midnight oil over the next few days in order to deliver that support for those enduring hardship.
We are not proposing to say anything further. All of us have to go back and work on the details. We also need to consult with the various stakeholders to ensure that they are satisfied with the arrangements and particularly that they are supporting those who are suffering the most as a result of the collapse.
Thank you very much.