91. Deputy Pearse Doherty asked the Minister for Finance to outline the level of investment by the State in Israeli bonds; and if he will make a statement on the matter. [39745/25]
Sentiment score: 0.01
My first question is about Israeli war bonds. The Minister will know that we had Private Members' business about this before. We learned yesterday that the State continued to invest in Israeli war bonds right through the genocide. As our screens were lighting up with men, women and children being slaughtered by Israel, the State still held investments during that genocide. I would like to know how those investments increased last year. We heard that the National Treasury Management Agency, NTMA, obviously covering its back, said they are now sold. When were those bonds sold?
Sentiment score: -0.06
I find this absolutely outrageous. What did the Minister do in this period? Did he know that the Irish State, using Irish taxpayers' money, was funding a genocide? Israel does not hide behind this. It does not blush about this. It sells and advertises these bonds as supporting the war effort. We all know that it is not a war. We know it is genocide. Before this, regarding the Central Bank's role, one could say that the State was not directly funding it but was just assisting the ability to sell the bonds. This is the State putting cash on the table and investing in war bonds. It appears that the investment increased in 2024, when it was at full tilt. I ask the Minister again when the disinvestment happened. When did ISIF sell its bonds?
Sentiment score: -0.00
Exactly. We were asking the Minister how much money ISIF had in war bonds, how much money it was putting on the table and how much money was being invested in the bombs and bullets that were slaughtering children right before our eyes. Children who were queueing up for water were being slaughtered and this State invested money in it. You cannot wash your hands of this. You are the bloody Minister for Finance and an organisation that falls under the remit of your Department is investing in genocide. There are no ifs, buts or maybes. The NTMA had to produce its annual report. It knew it was going to be called out by us and others who are rightly appalled that our taxpayer money was going to fund the genocide in Palestine. It scampered around and sold because it needed a media line in the face of genocide, to control the narrative, but for all of last year, right up until the last number of days, I bet, it still held these investments. It is sickening and the fact the Minister did nothing about it, despite it being repeatedly put to him here in the Dáil, is disgraceful.
Sentiment score: -0.22
They are war bonds.
Sentiment score: -0.60
93. Deputy Pearse Doherty asked the Minister for Finance if his attention has been drawn to reports that there are mortgage prisoners with vulture funds that have seen no reduction in their interest rates despite eight consecutive interest rate reductions by the ECB; and if he will make a statement on the matter. [39746/25]
Sentiment score: -0.11
I have been dealing with people throughout the State who are mortgage prisoners of vulture funds. They have seen huge interest rates being charged on their mortgages. The ECB has reduced mortgage rates on eight consecutive occasions but there seems to be no let up for those who are mortgage prisoners, and there are almost 100,000 of them. These are mortgages that are now with vulture funds. They are not reducing their rates in any significant way and, indeed, some customers have actually seen their rates increase. What is the Government going to do about this?
Sentiment score: -0.16
This is an issue I have raised with the Minister numerous times. Along with the former Minister, Michael McGrath, he was a cheerleader for the selling off of these loans to the vulture funds. He obstructed and blocked a Bill that would have prevented it from happening. All of these individuals are now paying more interest than they would be if they were with a main-street lender, even for performing loans. I would like the Minister to give us a further breakdown. How many of those mortgage prisoners are paying 6% or 7% interest rates? Take Pepper as an example. Pepper's interest rates went down twice during the ECB's eight cuts. Mars, as I understand it, only announced one. Some customers of Mars have actually seen their interest rates go up. It has been reported that interest rates have gone from being 7.7% in some cases to 7%, or from 7% to 6.3%. Some of these individuals are being charged extortionate rates. Given that the Minister was responsible for allowing this to happen, does he feel any responsibility for these individuals who are now being fleeced?
Sentiment score: 0.12
The Minister made the point that he voted against or obstructed the passage of my Bill because he thought it was not in the Government's interest. He is 100% right. He took the side of the banks and the vulture funds. It was not in their interest for that Bill to go through. I will tell the Minister whose interest the Bill was in. It was in the interest of the woman who spoke to me who is charged 6.5% by Mars Capital, or more than 6% by Pepper regarding her mortgage. It was in her interest, in the interest of people in Donegal and in the interest of people in the Minister's own constituency. He took the side of the vultures and the banks. I am raising the thousands of mortgage prisoners whom the Government abandoned and decided they were on their own. The Government pretended that everything would be the same, but it is not. They were not protected under the consumer protection code for a long time. It was only a number of months ago that this loophole was addressed. The problem here is that if they were with the main-street bank they would be saving thousands of euro in interest. That is the problem
Sentiment score: -0.03
Yes, it is.
Sentiment score: 0.40
Was it right for those people?
Sentiment score: 0.00
Was it right for those people?
Sentiment score: 0.00
Was it right for the person who is being charged 7%?
Sentiment score: -0.20
95. Deputy Pearse Doherty asked the Minister for Finance the steps he is taking to address the increased cost of insurance; and if he will make a statement on the matter. [39747/25]
Sentiment score: 0.10
I have raised this issue with the Minister time and time again and I will continue raising it because people are, to use that phrase again, being ripped off. There is no doubt about it. It is not good enough that the Government is doing nothing about it. Insurance companies are boasting profit margins far and above the European average, far and above what they said they would target if they got the reforms that were passed through these Houses. I see a Government that is impotent in the face of this here and people are being squeezed, whether they are motorists, businesses or sports organisations.
Sentiment score: -0.15
The response of the Minister of State is disappointing. Until the problem is diagnosed, we are not going to get a solution. I have said this before. It is not just the Minister of State. It must be the Department because his predecessors have done the same thing. That is cheerleading for the industry. The industry is making profits that are way above the norm. Motor insurance is up 10% since the start of the year. Our premiums are nearly double the European average. The profits the insurance companies are making are double those of their competitors in Europe. The profits these companies are making are more than double what they told the committee, if it brought in all the reforms that have been brought in, they would be targeting. The Minister of State says the Government has made substantial progress in relation to the reforms, and he is right. They have been passed. I supported them; some of them I actually brought in myself. The question is who the reforms have benefited, because they are only benefiting the pockets of the industry. Premiums are going up relentlessly. We have to call a spade a spade. The industry is gouging here.
Sentiment score: 0.11
The Minister of State can splice and dice this any way. Everybody out there knows the cost of insurance is going up. The alliance is saying it. The reforms have been pocketed by the industry. Let us look at Liberty Insurance. Its profits are at 13%. This industry came before the House of the Oireachtas. It begged us to do the reforms. We put it to insurance companies and asked what they would target and whether they would pass it on. The industry said it would, euro for euro, and that it would only target 5%. It is now at 13%. Public liability and employers' liability are worse. The Minister of State provided figures. Insurance has increased by 56% over the last ten years. That is €1,000 on every premium. It is not just motorists who are being squeezed here. Small businesses, retail, community organisations and local GAA clubs are all being hammered. If we strip all the noise away and look at profitability, the key question we have to ask ourselves is how come insurance companies in this country earn double the profit of all the European competitors.
Sentiment score: 0.06
How come they are earning more than twice what they told us they would target if we brought in the reforms? The reason is that they have pocketed all the reforms-----
Sentiment score: 0.00
-----pushed up the premiums and the Government is doing nothing but cheerleading in its speaking notes.
Sentiment score: -0.33