Margaret Murphy O'Mahony (Cork South West, Fianna Fail)
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56. To ask the Minister for Finance his plans to ensure that insurance companies and lending institutions show empathy towards farmers in south-west County Cork who have experienced extreme hardship and loss as a result of the recent weather conditions; and if he will make a statement on the matter. [11938/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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With regard to insurers, as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, however I cannot interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to review individual policies nor to direct insurance companies as to the pricing level or terms or conditions that they should apply in particular cases. However, my officials have brought to the attention of Insurance Ireland your question and the need to show empathy to affected individuals.

The Deputy should also note that all insurers operating in the Irish market are regulated under conduct of business rules by the Central Bank of Ireland. Consequently, each is required to comply with the Consumer Protection Code which sets out the rights of consumers, including how claims are handled. In relation to the bringing to the attention of policyholders their rights in relation to insurance claims arising from the recent weather conditions, the Competition and Consumer Protection Commission (CCPC) has updated its website accordingly and the information can be found on its website at: /.

With regard to lending institutions, as Minister for Finance, I have no direct function in the relationship between the banks and their customers. In addition, I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time as these are taken by the board and management of the relevant institution. However, Government policy is that all viable SMEs and farmers should have an appropriate supply of credit from both bank and non-bank lenders. A number of measures have been introduced by Government to facilitate access to finance in recent years, including the establishment of the Credit Review Office (CRO). If an SME or farm borrower feels they have been declined unfairly by AIB, BOI, PTSB or Ulster Bank and have unsuccessfully appealed the decision it is open to them to contact the CRO. It should be noted that the CRO has successfully overturned over fifty percent of its cases.