Results 9,101-9,120 of 15,555 for speaker:Eoghan Murphy

Government Appeal of European Commission Decision on State Aid to Apple: Motion (7 Sep 2016)

Eoghan Murphy: I thank Deputies for their contributions to this important debate. I will address a number of issues raised on the floor of the House today. I welcome the support of Deputy Michael McGrath for the Revenue Commissioners who have been very clear that they gave no selective advantage and that the full amount of tax was charged in this case. I welcome the support for the appeal expressed by...

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 committee for the invitation to discuss the issue of the rising costs of motor insurance. Dealing with this issue is important and I welcome the initiative of this Oireachtas committee to hold public meetings over the coming weeks. I agree with the committee that this area requires urgent attention. I look forward to hearing what all the stakeholders attending the committee...

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

Eoghan Murphy: Four subgroups have been established. The first subgroup will consider the motor insurance sector and will be chaired by the Department of Finance. It will consider an analysis of the insurance market in Ireland and how it has evolved, the regulatory environment and how insurance premiums are set. The Central Bank will assist in this regard as well. The second subgroup pertains 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: The subgroups will have their first meeting next week and the various members of the working group will divide into the subgroups depending on whether they think it is relevant to their Department or the work that they do. They then will go about engaging themselves with different stakeholders in the industry and the plenary of the working group also will engage with stakeholders.

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

Eoghan Murphy: Exactly. They will be departmental officials but the chairs have been asked to invite others into the subgroups if they think it could be of use to the work they are doing. The second subgroup will consider improved data availability, will be chaired by officials from the State Claims Agency and the Central Bank will assist in chairing that subgroup. This subgroup will give consideration...

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 more than happy to come back to individual questions if they are asked. It is just that some of the questions have been already asked by others and I do not want to pre-empt answering them in the context of how I have taken note of it and how I would like to respond. If there is a different model the Deputy would like to use in the next engagement, that would 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: As the committee engages with other stakeholders, it will get a chance to tease out several issues. This is an urgent issue. We have to be responsible in how we manage public expectation because there is much work that has to be done and can be done. I want to ensure we can see what those early priority actions are so we can get moving on this. If we can do that with consensus, it will...

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

Eoghan Murphy: Deputy Paul Murphy referred to the managing of expectations. I just want to be upfront about the challenges facing us. As we cannot control price directly, we must ensure we are building appropriate actions into a plan that everybody can buy into in order that we can get something done about the issue. I do not want to give people the false expectation that by October they will see...

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

Eoghan Murphy: Does the Deputy mean the named individuals who are on the working group-----

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

Eoghan Murphy: -----and the named participants in the subgroups?

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 ---