Oireachtas Joint and Select Committees

Tuesday, 13 September 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Rising Cost of Motor Insurance: Discussion (Resumed)

11:00 am

Photo of Rose Conway WalshRose Conway Walsh (Sinn Fein) | Oireachtas source

I thank the witness for the clarification as it is an important point. It is clear Mr. McDonnell has put much thought into the presentation and Freight Transport Association Ireland has given us 52 recommendations, some of which are common sense and can be done, although I might have a slight issue with others. However, even if all 52 were implemented tomorrow, as long as the insurance companies look at the model where their profitability is reliant on returns from bonds that give a 0% return, prices will continue to go up and nothing will be changed.

I particularly welcome the call for the Central Statistics Office, CSO, to take on a role of collating settlement data. My party, Sinn Féin, has written to the CSO suggesting it takes on this role. It is also included in the amendment to the Dáil motion that was passed. Is there a sense that commercial vehicle owners are subsidising private users or are increases in line with private market or more pronounced? There are issues with legal services and I will be teasing those out later with the Law Society and Bar Council representatives. I take it from the delegation's comments they are not convinced that the book of quantum is something where a solution can be found. We will be looking at that again, taking on board what was said today and last week about the book of quantum being a reflection of what has happened rather than anything we need going into the future. Will the delegation address a couple of those issues?

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