Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

There is absolutely no point in this committee or the working group publishing reports if we do not have a detailed timeline around it. I have met the insurance companies and Insurance Ireland on this and have said to them that we are going to come with an ambitious and a detailed timeline for the implementation of every single recommendation we put forward. We want to show a determination that we are serious about this to all the players in the market. That is why when I talk about it, and I hope the committee sees this, and when we come to publish the working group's report with the detailed timeline reflecting all the good work done by the Oireachtas committee and in showing the determination to get things done and to take action, it will have a calming influence on the recent spikes we have seen in the cost of motor insurance premiums.

That is my hope. In that regard, the feedback I have received from the industry has been positive.

The report of the working group will be published in December. Since giving our recommendation to the Minister for Finance, Deputy Noonan, in October we have been trying to draw out those timelines and put in key performance indicators for the different milestones we have to hit and when we must hit them. Once that is in place and published, I will be happy to come in at any point and speak to this committee about the progress that has been made under each of those action points.