Results 21,241-21,260 of 35,959 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: That is fair enough. That is what I am saying.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: Sorry, the reason I am saying this is that in response to an earlier question, the Minister of State said that no suggestion has been made to him that there was a need for additional powers to regulate the insurance sector.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: What I am saying is that the letter from Professor Honohan points out that the Deputy Governor of the Central Bank, Mr. Roux flagged in a letter to Mr. Derek Moran additional measures that could be taken to strengthen the supervision of non-life insurance. They include the consolidation of disparate insurance regulations in a coherent whole, transposing without further delay the Solvency II...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: That is a different answer to the one the Minister of State gave me earlier and a very simple one ---

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: With respect, I asked the Minister of State a question about additional powers that the Central Bank was seeking in order to regulate insurance holding companies effectively. The Bank wrote to the Minister over a year ago seeking those powers. When will the Bank be given the necessary powers? Solvency II was transposed in January of this year and we are now in September. The Minister of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: They are looking for powers, which means the powers are new, right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: Yes, I know that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: I agree with that, but they did not get the powers they were looking for last year. That is the point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: Right. We will move on to the last point I want to make. It is a suggestion, so hopefully it will not be problematic.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: I understand that. We talked about the increases in insurance premiums, and the CSO gives us the average increase. The reality is that we have seen, or know of, people who have had increases of 100%, 200% or 300%. Those are bizarre increases for people who, as the Minister of State mentioned earlier, have made no additional claims or have not incurred penalty points. I have spoken to a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)

Pearse Doherty: I thank the Minister of State.

Business of Dáil (7 Sep 2016)

Pearse Doherty: He answered everybody else's.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: I have a couple of questions. Will I ask them all at once?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Is it okay to ask them one at a time?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Cuirim fáilte roimh na finnéithe go dtí an coiste. An chéad cheist relates to a submission we have received from the ESRI. I will quote it first and then ask for the bank's view. It states:[I]t is difficult not to mention proposed cuts in the Universal Social Charge in the context of discussing the need to maintain the breadth and stability of the tax base. The USC has...

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Without going into the specifics, would the Central Bank have a view on the stability of the State if a Government were to start eroding the tax base and creating vulnerabilities? Would the Central Bank remain mute on that issue?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Dr. Fagan may have the same answer to my next question. The ESRI also states in its submission to this committee that it produced a report last year on the mortgage insurance scheme. That report states:Through our analysis of the effect of tax breaks, we would argue that any tax breaks aimed at developers will have little effect on supply if the first three factors [that is, lack of...

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: I know Dr. Fagan is the chief economist in the Central Bank, and obviously we are talking about a different era, but I get a wee sense of déjà vu. I sat on the banking inquiry with a number of members of this committee and we had Central Bankers and staff coming in saying they had issued letters saying the tax breaks should be broad despite the fact that the Government had reduced...

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Dr. Fagan talked about the new process the Central Bank has developed in terms of measuring the economy and the need to have a credible measure. I assume Dr. Fagan believes the current way we measure GDP is not credible. Can he also tell us for how long he believes that method has not measured our economy in a credible manner?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

Pearse Doherty: Whatever measure it comes up with will not be internationally accepted. We will basically have our own home-baked way of measuring the economy, yet in relation to the application of the fiscal rules, our comparisons in terms of OECD data are with our European colleagues. We will be using measures that everybody in this room believes are not credible and will, therefore, give us a very...