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

I and the Department of Finance will be forever careful and monitoring developments in this area because it is so fundamental to us. Deputy Farrell made an important point regarding the provision of financial services such as insurance products. I recognise the work the Minister of State, Deputy Fleming, has done in this area where he has been making the case for Ireland as a good place for new insurance services to be provided. He has been successful in supporting and making progress with the availability of insurance products for particular parts of the economy that have been difficult to get. As Deputy Farrell has outlined, I am well aware of the difficulties we have had in getting insurance in some areas in recent years. It is very important that we continue to offer an environment in which a wide variety of insurance services are available within the country. We are also a banking market in which two banks have just left, and we need to be honest in acknowledging the impact that has had and the signals it has sent out about Ireland. That is why now being vigilant, as the Deputy has just said, regarding competition in the economy and the role the three large banks are going to play in meeting mortgage and lending needs for the economy and people is such an important priority for the Department of Finance and for the Competition and Consumer Protection Commission, CPCC, and the work the Central Bank does.

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