Peadar Tóibín (Meath West, Sinn Fein)
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200. To ask the Minister for Finance his plans to reduce the high insurance costs on young male apprentice mechanics who as part of their jobs need to be able to drive vehicles on the premises of their employers (details supplied). [2409/13]

Michael Noonan (Limerick City, Fine Gael)
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At the outset, the Deputy should note that in my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day-to-day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. The Central Bank has informed me that the decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. The Bank has also indicated that it has no role regarding the issues of pricing or the scope of cover provided by insurance companies.

Finally, it should be noted that any person who has an unresolved complaint can refer the matter to the Financial Services Ombudsman for investigation and adjudication.