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

It is difficult say that if this report had been in place three years ago it would have prevented some of the things that have happened because they might not necessarily have happened at all given the uncertainties that arose that were not necessarily expected. I cannot speak for the Central Bank but I am sure it would point to Solvency II and the changes that occurred in that regard play a huge role in addressing in the super-cycles that we have seen in the past. The Central Bank has been an active participant in the working group which I chair. It will be hosting the national claims information database which will help us to see these trends and to plan for the future in that regard. I have not read the transcript of the Central Bank's discussion with the committee but I am aware representatives of the bank appeared before it and were able to answer all of the questions put to them. They would have felt that they intervened at the appropriate time in terms of ensuring that insurance companies were reserving adequately. What the Central Bank cannot control is the uncertainty we have seen around legal issues which is causing the cost of incurred claims to increase rapidly.