Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

My final question is on insurance. Before I ask this, I wish the Governor well. With a new chief comes possibly a new direction. Let me say this, banks need to fear the Central Bank. The CEO does not fear the Central Bank, because he would not have made those recorded comments, and he would not have discussed openly the fine that the Central Bank is about to impose on them when its investigation is completed. There needs to be an element of fear of the Central Bank that is not there at this point in time. There also needs to be a working relationship, but there needs to be that element of fear. I do not believe it is there.

On the insurance issue, we have discussed the dual pricing and welcome the investigation that is under way with the Central Bank. The Central Bank has written to the insurance companies in a "Dear CEO" letter a fortnight ago in relation to their consumer protection roles and price optimisation or dual pricing. Did any of the insurance companies respond to the Central Bank, positively or negatively, either confirming that they are operating dual pricing or otherwise? This next question has nothing to do with the personalities involved. Is there any concern within the Central Bank of that kind of revolving door within the insurance sector of the Central Bank and the insurance industry? I understand that a previous, very competent person who was the head of insurance within the Central Bank is now going onto the board of FBD. It is not the first person from the Central Bank. We have had a very senior person in the Central Bank who has taken up a very senior position in FBD. It is a small country and one needs the knowledge, but are there concerns in relation to this head of insurance moving into the head of an insurance company? They are under investigation. There is an examination ongoing and so on and so forth. Has the Governor any concerns or is there anything that can be done in relation to this issue?