Damien English (Meath West, Fine Gael)

That is definite. We should be encouraging people - in fact it should be made law - to take out life insurance and critical illness cover. In some cases, people have no choice and are forced by the banks to do so. I believe people should be legally required to take out critical illness cover. It is wrong to introduce a deterrent that will put people off taking out life insurance and critical illness cover, which are important. These policies result in enormous savings to the State and should not be penalised further. While I accept an increase may be necessary in respect of life insurance policies which pay out a lump sum, general straightforward life insurance policies which provide no lump sum payment should not be hit. It is wrong to do so. Also, it sends out the wrong message. We should be encouraging people to take out insurance. Critical illness cover is just as important as life insurance. It is a pity the the Government is going down this road.

On the banks, earlier I asked the Taoiseach from where the figure of €80 billion to €90 billion arises. We have been told numerous times at committee meetings by the Financial Regulator and others that total loans in respect of land and development, potential bad debts, is €41 billion. The Financial Regulator also claimed €24 billion of that sum was doubly secured with other assets.

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