Results 7,081-7,100 of 15,555 for speaker:Eoghan Murphy

Other Questions: Information and Communications Technology (1 Jun 2017)

Eoghan Murphy: I thank the Deputy for the question. The public service ICT strategy was approved by Government and launched in January 2015, and is specifically aligned with the objectives of the public service reform plan and the goals of the Civil Service renewal plan. The strategy aims to provide a framework for the delivery of greater efficiencies in public service ICT delivery and administration,...

Other Questions: Information and Communications Technology (1 Jun 2017)

Eoghan Murphy: The OGCIO is based in the Department of Public Expenditure and Reform. It is implementing a multi-layered approach to cyber security and protecting ICT systems, infrastructure and services. The threat landscape is constantly evolving and significant effort is expended on continuing to enhance and strengthen ICT security to mitigate against emerging threats, risks, vulnerabilities and cyber...

Other Questions: Information and Communications Technology (1 Jun 2017)

Eoghan Murphy: It is incredibly important that we can maintain the security of information and data that we host in government systems. That is the reason we are examining this proposed new model for a team to deal with specific cyber security threats and to resource that out across Departments. As regards attacks made on the system over the last 12 months, there was a denial of service attack on a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I thank the Chairman and the joint committee for the invitation to discuss again the implementation of the recommendations of the cost of insurance working group on motor insurance. I will also touch on the work being done in phase 2 to tackle the rising cost of employers' and public liability insurance. I also propose to say a few words about the Setanta judgment issued last week. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: We met the State Claims Agency to discuss this. The Deputy knows that the Towers Watson report published in 2014 estimated the claims revision required as being between €87.7 million and €95.2 million. There will be a further actuarial report now that the judgment has been delivered and that figure might be revised. There are 1,639 outstanding third-party claims....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Not all claims have been settled. We can deal with the claims that have been settled where we understand what the award should be. They will be verified by the State Claims Agency and then will be brought to the courts for payment to be issued. That happens in six month tranches. The State Claims Agency is preparing to move with the first tranche of approximately 250. Six months from...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: It will probably be the end of this year but it is too soon to know how many cases will be in that tranche. Some work has to be done to understand exactly what we can progress with now. The idea is to move with the cases which we understand have been settled so that the claims can be dealt with quickly. Matters will become difficult in circumstances where there claims that are still in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I indicated that approximately 250 claims would be dealt with initially and that we will proceed with the next tranche six months later, ideally in December. I do not yet know how many will be in that tranche. Work has already begun on identifying the numbers and what can be progressed early.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: That is the intention but we are working on a date when we can bring the 250 cases being progressed by the State Claims Agency to the High Court so that payment can be made.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: All I can say is that we are waiting for a date from the accountant of the High Court to bring those cases before the court. A great deal of work has been done on this first tranche and I am not expecting any unnecessary delays in that regard.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I met the CEOs of the insurance companies and representatives of Insurance Ireland prior to the judgment to talk about options in light of what the outcome might be. I met one insurance CEO since the judgment was delivered. From the work the committee did last year and from the cost of insurance working group report, the Deputy is aware of the massive uncertainty created by the initial...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: No, it was not a direct commitment. Rather, it was an explanation as to why, in the context of its outlook and planning for the future, the company will be obliged to reserve less because the massive uncertainty caused in this instance has been removed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I am not in a position to make demands of any insurance company about how it prices its products. The Government cannot interfere in the pricing of insurance products because that would go against EU law. What we both understand from the insurance industry is that the Setanta ruling was a serious problem for it in the context of the uncertainty in the market in the future. That uncertainty...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I do not think they said it was the main driver.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: Let us not reduce the problems relating to motor insurance premiums to this one factor, important though it is. The industry did highlight the matter for us. The report of the working group on the cost of motor insurance published in January highlights several uncertainties that exist for insurance companies, such as the changing of the court jurisdictional limits and the introduction of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: No, and we did not put a percentage or estimate on this when preparing the cost of insurance working group report. The view was taken that because of uncertainty and an unknown liability in the future, it was impossible to put a percentage on it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I cannot put a percentage on it. In the case of Setanta and outstanding claims of, say, €90 million, the insurance entities here had to reserve or provide for potential payment of that amount and for any future insolvencies that may arise for which they might be held liable. They would have made their own estimates through their own actuaries based on what that might mean in terms of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: On the first question, we have come to an agreement with the insurance industry in principle following on from the report published last year by the Department on the new compensation framework for companies in failure. We propose to publish the heads of a Bill by the end of June. It will provide for a 65:35 split. As I have said, we have reached agreement in principle for an ex antefund...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: I cannot give that commitment. The focus is on the new framework that we want to put in place for future company failures. I do not think it would be appropriate for the Government to give a commitment to a liability when it does not know the size of that liability or when it might arise.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Eoghan Murphy: They are the first quarter targets.