Oireachtas Joint and Select Committees

Thursday, 6 July 2017

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

ECOFIN Meeting: Minister for Finance

9:30 am

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I am absolutely looking at it. My Minister of State, Deputy Michael D'Arcy, also has a particular responsibility for the area.

In terms of what we are doing about the matter, it is not a case that we will take an initiative in the future because we have already done so. The cost of insurance working group's report has made 71 recommendations that should be implemented by the end of 2018. We are going to deliver 45 of the recommendations by the end of this year.

The figure that is available to me from the Central Statistics Office is an average macro figure. I always understand that there will be people whose day-to-day experience differs from the figure that I will outline. The figure indicates that the overall cost of motor insurance has stabilised. In fact, there was a decrease of 8.5% in May 2017 versus May 2016. I knew as I made that point that every member of this committee probably has examples that do not reflect a decrease.

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