Results 20,821-20,840 of 35,894 for speaker:Pearse Doherty

Central Bank and Financial Services Authority of Ireland (Amendment Bill) 2014: Second Stage [Private Members] (6 Oct 2016)

Pearse Doherty: Ba mhaith liom mo bhuíochas a chur in iúl don Aire Stáit, Teachta Dara Murphy. Is é sin b'fhéidir an chéad uair a dúirt mé na focail sin. Cuirim mo bhuíochas in iúl dó agus don Teachta Micheál McGrath as ucht tacaíochta a thabhairt don Bhille seo. Tá a fhios agam go bhfuil an tAire Stáit, Teachta Murphy, ag...

Central Bank and Financial Services Authority of Ireland (Amendment Bill) 2014: Second Stage [Private Members] (6 Oct 2016)

Pearse Doherty: I move: "That the Bill be now read a Second Time." Caithfidh mé a rá go bhfuil áthas orm a bheith ag cur an Bhille seo chun tosaigh, Bille atá scríobtha agam ó bhí 2014 ann. Ba mhaith mo bhuíochas a thabhairt do Free Legal Advice Centres, FLAC, go háirithe Paul Joyce a bhí ag obair liom ar an mBille seo agus a rinne tuairisc i 2014 ar son...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: In the presentation, the witness stated that low premiums and high payouts cannot last. When did the Central Bank become aware that this scenario existed or of that truism?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: This is a nice fluffy phrase but the Central Bank is the regulator of these insurance companies. We have seen insurance companies go bust and the Irish people having to pick up that tab. We have seen insurance companies under the Central Bank's watch erode their capital base. When did it dawn on the Central Bank that insurance companies were acting imprudently in their underwriting and pricing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: We will touch on the action the Central Bank could deploy. The witness's analysis is as if this were an unregulated entity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: We have the Central Bank telling us that a number of insurance companies acted imprudently, built up unsustainable overheads and, in doing so, eroded their capital bases. This puts the risk of solvency right at the heart of it. The Central Bank watched all of this happening, but it did absolutely nothing. As a result, there has been a dramatic increase in prices for consumers who saw...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: When was it done? That is the first question I am asking. When did the Central Bank cop on that the insurance companies were acting imprudently in relation to underwriting and policy premiums?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: When did that happen? Was it last month, last week or last year? Was it 2013 or 2010? When we know that, we will be able to figure out what actions the Central Bank took to try to stop this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: Yes, but-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: We have seen how the Central Bank's non-action has resulted in insurance policyholders having to pick up the tab for Quinn Insurance, a €1 billion company that went bust under the Central Bank's watch.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: Can I finish my point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: In its latest report, the IMF has pointed out numerous areas in which the Central Bank can increase its supervision and regulatory powers over the insurance sector. We have a very bad reputation for companies passporting into this country, or companies domiciled and operating in this country going bust. As we know, people are picking up the price for that. One of the recommendations...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: Which companies is Dr. Roux talking about? Does he include Quinn Insurance in this context?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: Some people would argue that it is related, in the sense that the company came in and tried to drive down premiums and others followed. I would like to repeat my main question for the final time. The former Governor of the Central Bank, Professor Honohan, was able to tell the Minister in writing that insurance companies were acting imprudently. When did the Central Bank become aware that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: We might copy it and give it to members for their use during this meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: What year is Dr. Roux going to start at?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: I take that on board. I am not suggesting that the companies are not solvent - ensuring they are is the Central Bank's responsibility - but the Irish people are on a rollercoaster ride. Individuals are being forced off the road and into parking up their cars. Businesses have not been able to expand because of the dramatic increase in insurance premiums. It is because of this boom-bust...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: I wish to ask about enforcement and the European Insurance and Occupational Pensions Authority, EIOPA, stress test in 2014. Through a freedom of information request, I received the documentation that backed up the results of the stress test. How many people participated then and how many are participating in the current stress test? Will Dr. Roux clarify whether motor insurance will be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: It relates to the IMF report, which identified that the Central Bank's enforcement staff level was 20% below what had been sanctioned. Some 72 staff positions are sanctioned for 2016, yet only 58 staff members are in place. The report also mentioned that the Central Bank was not considering taking summary proceedings, those being, criminal proceedings, against insurance companies and had...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Pearse Doherty: I asked about enforcement staff operating at 20% below what had been sanctioned and about the administrative level.