Oireachtas Joint and Select Committees

Wednesday, 8 December 2021

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

Insurance Issues: Central Bank

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael) | Oireachtas source

My next question relates to the rangers, as I call them, that provide services from outside the jurisdiction. Does the Central Bank operate a monitoring process to be able to identify, for instance, dangerous trading practices? I refer not necessarily to reckless trading but that which might be regarded as a trading practice that would require attention or could lead to difficulties further down the line. Does the Central Bank monitor their activities to ensure customers will not eventually become victims, if and when they leave the jurisdiction? Does it evaluate the extent to which the insurance industry might be damaged by companies practising in a way that is very close to reckless trading?

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