Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

What is the Central Bank going to do? The insurance companies have just decided to ignore its advice. We are left in the situation where four publicans have taken a case and another thousand publicans are ready to take one. Some 15 restaurants are taking a case with another 160 or so in the wings. I know of hairdressers and community groups that are ready to take cases.

In Britain the FCA, the equivalent of the Central Bank, has said that is not the approach and to not allow the consumers to take on these giants of the insurance industry. It stepped in and looked for clarification with regard to the courts because it was the most speedy and most effective way. Why should it be down to the local hairdresser, community group or the little restaurant to take on the insurance industry when the Central Bank has a consumer protection role here?

I will say clearly that what we are facing into is a tracker scandal, mark 2, because it is exactly the same situation. Seven or eight years ago I challenged Mr. Makhlouf's predecessor because the Central Bank was not standing up. It allowed individuals to take the cases to the courts and the floodgates opened. Some €1 billion had to be paid out by the banks and 40,000 customers were impacted. The Governor is about to see the same thing here, because what is happening in the insurance industry is above scandalous. What it is doing to businesses that could go under as a result of it refusing to pay out on legitimate claims is ridiculous.