Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The decision of the High Court last week is very significant. The High Court ruled in favour of four pubs that have business interruption policies with FBD. There is yet to be a decision on the quantum. That will be adjudicated in the courts later this month. In that sense, this case is still active and we need to bear that in mind. The ruling could have implications for other small businesses and companies that have similar policies with this insurer or others. It is important that we all examine the implications of this judgment.

On the role of the Central Bank, the Deputy knows that it is an independent regulator. It operates independent of Government and it does not take direction from Government. Over the course of the past few months and even in the past year, the Deputy has called on the Government to intervene to direct the Central Bank to do something. The Deputy does not say those things because he is stupid; he is not a stupid man. He says those things because he hopes other people are stupid and he believes that they may think that the Government has this power of intervention; it does not. The Central Bank is independent. It is an independent regulator and it has to decide for itself whether it is going to intervene or get involved in this particular matter. I know the Central Bank is aware of this issue and that it is examining it. It will make a determination independently, as an independent Central Bank should. The Central Bank is not subject to any direction from Government. Any calls the Deputy makes to Government to somehow intervene or direct the Central Bank to do something are totally disingenuous. They are an attempt by him to mislead people in small business, to pretend that he is on their side when he knows full well the Central Bank is independent and Government cannot direct it to do these things.

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