Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The Deputy might be shocked to hear that I agree with him on some of what he said. I will not pretend that I am pleased with the method by which the Central Bank has taken consumers into its bosom. The reality is that it is much more concerned about prudential regulation than consumer protection. I think the Deputy's criticism is fair and I agree with his point.

On business expenses, I do not have the exact figure offhand, but awards account for more than 90% of funds paid out by insurance companies. In talking about business expenses the Deputy used the term "cooking the books". It is not one I will use, but in the scheme of things business expenses actually come to a small amount. In this jurisdiction awards constitute the much larger amount. We have had this conversation before and I have made the point to the Deputy. If he is satisfied, I am prepared to give a commitment that what he is asking for can be captured by regulation, rather than primary legislation. The legislation has been designed in that way in order that we do not have to be prescriptive. There is flexibility to enable the Central Bank to capture everything we want it to capture in the future. It is much easier to alter a regulation rather than legislation.