Mr. Conor Faughnan:

The Senator asks who is responsible but, as it is not on a statutory footing at present, it is hard to say that somebody is specifically responsible. However, its ownership is vested with Insurance Ireland. We have made two suggestions about it and this was part of our conversation last week with the Minister of State, Deputy Eoghan Murphy. First, the tranche of work must be completed, but we also suggest there should be some form of independent participation in the database. We suggest that perhaps the Financial Regulator should have access to it and should police the proper population of the database by the insurance companies with their data. Many of the insurance companies are willing in this regard. One of our insurance partners has stated it is quite willing to be fined if it does not do this properly. They would like to see it but it would be useful for a body like the Financial Regulator to have oversight in this regard. Another really important element, which will seem absurd to members but which I assure them is true, is that the insurance industry must be willing to share that data with everybody involved. This includes the brokers and intermediaries and any potential foreign underwriters that wish to come into Ireland to trade. At present, I am afraid they are treating it rather like a gentleman's club and are stating that if one wants access to this, one must be proposed by one of the existing members.