Results 6,421-6,440 of 15,555 for speaker:Eoghan Murphy
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: That should not be a problem.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I cannot speak for the Central Bank. It is a part of the working group, where it is taking an active role, and vice chairs at least two subgroups. Since starting our work in July, no specific concerns have been brought to my attention other than those that have been expressed to the Deputy about what the Central Bank feared was happening in the market in terms of provisioning and what...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Absolutely, I do not disagree with that at all. All I am saying is that if the concern of the Central Bank was that legislation was not in place to allow it to perform its regulatory function, that has not been brought to my attention. If there are concerns that capital requirements are not adequate, that has not been brought to my attention. Solvency II is a new regime and there is more...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Absolutely. We must raise these matters with the Central Bank. We are looking at the adequacy of Solvency II and it might be something that needs to be fleshed out with representatives of the Central Bank when they come in. We need to determine whether the Bank believes it is sufficient. We need to look at the move from Solvency I to Solvency II and the changes that have occurred in terms...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I am sorry to interrupt but I have seen a large amount of documentation since taking on this role. I am not aware of the specific letter to which the Deputy refers but I would be incredibly surprised if I had not read it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Let us not make that suggestion because I do not believe it is the case.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I just want to be clear on that and to say that my interactions with the Minister for Finance on this are frequent because he considers it so important. When the Deputy starts quoting from a letter that I do not have in front of me, it is a bit difficult to ---
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Since we started our work, that has not been put to me, that is, since the working group met.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Solvency II was the priority. We had to move on Solvency II. That is what we had to look at first and that was the most important thing that had to be done. There is continuing engagement between the Central Bank and the Department on what the next moves might be to make sure that the Bank has the powers it believes it needs. That is the ongoing situation at the moment. In so far as...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Sorry, Deputy ---
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Just to avoid confusion, I spoke about the volume of correspondence and documentation I have seen and without having the letter in front of me, it is difficult to be sure that I have seen it and discussed it. I thought that the Deputy was suggesting that the Central Bank was talking about new powers but clearly it was not. What I mean is that since the committee has met, the Central Bank...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I am talking about a particular point in time when an engagement was already happening, before I was appointed to my current position.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I was made aware of those discussions, but since I was appointed there has been nothing new in addition to that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: No, but that engagement is still ongoing.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I am against it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: I thank the Deputy. I have heard that too and I think it is a good idea. I will request that, and when I get it I will pass it on to the committee. We will not keep it to ourselves.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Yes, absolutely. It was correspondence that was copied to Deputy Doherty, as well.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: The Injuries Board will speak about the data better than I can, but-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Minister of State (7 Sep 2016)
Eoghan Murphy: Roughly 20% of claims are settled through the Injuries Board, 10% in court and the other 70% are settled, but it is not clear whether they are settled before or after the Injuries Board process.