Oireachtas Joint and Select Committees
Thursday, 15 September 2016
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Rising Cost of Motor Insurance: Discussion (Resumed)
11:00 am
Mr. Patrick Kenny:
In the case of any investigation the fact that we have opened an investigation and taken a public step absolutely gets the attention of the parties involved. I am not talking about this particular case. It is a general issue. When a chief executive gets a summons and a request for information that is four or five pages long and he must appear in person, it make it very real for him and he takes it very seriously. In the case of investigations generally, agreement investigations can take up to a year. It depends on the complexity and the barriers put in our way. It could take up to a year or more. If we go to court subsequently, we are in the hands of the courts. To recap, we believe that when we announce an investigation it has a big impact on a market. It changes the dynamics in the market from the day that the investigation becomes public. People are very careful after that.
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