Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The actual timeline is that the Central Bank report began in January and the report is now published. The bank has moved with speed on this issue. The Deputy compared our work to what is happening with the FCA. The FCA has taken longer to do this work. It has now published something that might lead to action next year. That is the timeline for what is happening elsewhere. The Central Bank has done this work across this year and within the year. I know the urgency of this issue. Equally, I know that while I am expected and want to make progress in ensuring we can bring down the cost of insurance for businesses and families and deal with unfair practices, it is also the case that in any action I take I need to ensure it works and does not have other consequences. If that were to arise, the Deputy would hold me to account for that.

Deputy Doherty was open about drawing comparisons with what the FCA is doing in the UK. He can see the timeline that organisation is operating to. The Central Bank has done this complex tranche of work quickly. It has already followed up with the chief executives on this. I will outline what steps the Government will take on the matter when the Central Bank has quickly completed the work it has committed to in this area.

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