Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In the order of two years, and we have to look at another piece of legislation coming from Europe to see the impact on that. That is grand. Is there a likelihood the legislation before us, the section of which we are discussing allows the Minister to set up sub-funds and set new levies, will alter the trajectory of the levies for the domestic Irish consumer, in that we know at the minute in terms of our own funds and all the rest that insurance premiums will likely be reduced by 3% in two years' time because the 2% and the 1% levies will be gone?

Do the sub-funds not allow us to set up a levy on companies that are involved in motor insurance here but are actually writing premiums in other countries? Our €200 million fund is based on domestic Irish entities, is it not? Is this legislation likely to change the trajectory of the person who is looking at the 3% levy being gone in two years' time?