As I already outlined in the House earlier this week, the Central Bank does not sell or oversee the sale of Israeli bonds. It is important to be clear as to the role of the Central Bank because it has been misrepresented repeatedly. To be clear again, the Central Bank's role under EU legislation is to assess the bond prospectus to ensure that it includes all the disclosure requirements of the EU prospectus regulation. Neither the issuer - in this case the State of Israel - nor the financial products become regulated or endorsed as a result of the assessment. The Central Bank is designated as the Irish competent authority for the approval of securities prospectuses under the relevant regulation. As the competent authority, the Central Bank is responsible for assessing whether a prospectus has been drawn up in compliance with the disclosure requirements of the regulation. Once the bank is satisfied that the issuer has disclosed the required information, in the required manner as set out in the regulation so that investors can make an informed investment decision, there is no discretion and it must approve it. It is important to reiterate that by approving a prospectus, it does not endorse the issuer or the securities. The Central Bank has been clear that it can only refuse the approval of a prospectus once it has the legal basis to do so. The Governor of the Central Bank in his correspondence to the Joint Oireachtas Committee on finance, public expenditure and reform and the Department of the Taoiseach set out this view. The Government's position on this matter has been clear and I have set it out to the House during the week.
Sentiment score: 0.38
I am glad Deputy Doherty has restated his view because it is important to be precise about the role of the Central Bank. The Deputy's exact words on this issue, which he has just restated, were that the bonds are being sold through the Irish Central Bank. They were his words in this debate on Tuesday night. The leader of Sinn Féin went on to say that we are allowing the Irish Central Bank to trade in Israeli war bonds. The Deputy knows that is not the truth. The Deputy knows that is not the case. The Central Bank of Ireland is neither selling nor trading in these bonds. I invite the Deputy to now correct the record because what he has done is state something that is not the case. His words were very clear. He said that the bonds are being sold through the Irish Central Bank. They were his words. The words of Deputy Mary Lou McDonald were that the Irish Central Bank is trading in bonds. They are his words and I invite him to correct the record.
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The Deputy did not respond to my point.
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I laid out very clearly his words. Very interestingly, when Deputy Martin Kenny stood up, he said "we are not suggesting that they are being sold by the Irish Central Bank".
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He said "we are not suggesting any of that.".
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In the Deputy's contribution on Tuesday night, both Deputy Doherty and the leader of Sinn Féin referred to the bonds being sold through the Central Bank of Ireland, which is not the case, and he referred to the Central Bank of Ireland trading in bonds, which is not the case. It is so important, as I attempt to continue to-----
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-----recognise the suffering of the people of Gaza and the many practical steps the Government of Ireland is taking to aid them, to give them support-----
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-----that we also deal in the truth. In relation to the final allegation that was made by Deputy Doherty, let me again state to the House that no such call was received by me. I have made that very clear. I find it very interesting that the Deputy is more willing to accept the word of the department of finance of Israel than me.
Sentiment score: 0.29
I want to call out the behaviour of Deputy Doherty. His language and the way he is attempting to treat this issue, which is so serious, is thuggish. His behaviour is thuggish. Yesterday, the leader of Sinn Féin referred to harassing the Government on this issue.
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I have come into House to attempt to deal----
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I can stand up for what I believe but I can do so in a way that is respectful of the views of others. I can make the case for what I believe in without constantly interrupting and demeaning the good intentions of others.
Sentiment score: 0.60
For the record, I used the words of Deputy McDonald yesterday. That was the word she used. Despite everything, I still try to respect Deputy Doherty's good intentions in spite of the many reasons I should not. I simply ask the Deputy to do the same of me. In relation to the very important matter he raises here, I recognise the concerns on profitability levels in certain segments of the market. Structural reform and ensuring the long-term affordability and sustainability of the Irish insurance market, while ensuring a viable insurance sector, are priorities for this Government. The insurance market’s profitability in 2022 and 2023 was supported by significant reserve releases following the Covid-19 pandemic. After a number of years of losses, the National Claims Information Database data shows that the insurance market was profitable again in 2023. For liability insurance, the operating profit was 13% in 2023, and the long-term average operating profit was 2.1% between 2009-2023. The motor insurance market had an 8% profit in 2023, with a long-term average profit of approximately 5 % between 2009-2023. Globally, 2023 was characterised as a hard market with higher premiums, stricter underwriting conditions and higher reinsurance costs. In contrast, industry insights suggest that 2024 showed a softening market with increasing competition and falling rates which have translated into lower premia in some market segments, but further work is needed. That is why the Government is developing a new action plan for insurance reform that will prioritise further competition in the market. It will include further work, including with insurers, to enhance transparency and promote affordability across all types of insurance. My Department has concluded the public consultation and is reviewing the various submissions.
Sentiment score: 0.25
I thank the Deputy for raising that issue and acknowledging the scale of the reforms the Government has brought in, and his own role in that regard, which I acknowledge. I also acknowledge the Consumer Insurance Contracts Act 2019, which was the subject of a motion the Deputy brought forward. Part of that Act has not yet been commenced, but most of it has. There are various measures the Government brought in: the personal injuries guidelines; the reform of the Personal Injuries Resolution Board Act 2022; the banning of price walking; the establishment of an office to promote competition; the publication by the Central Bank of its national claims information database; the work that has been done by the CCPC; the establishment of an insurance fraud co-ordination office; and the work done by the Garda, Insurance Ireland and the Alliance for Insurance Reform. All that work was not done to create higher levels of profitability. It was done to create a more competitive sector for those who depend upon it. I want to see that translated into lower prices.
Sentiment score: 0.06
With regard to motor insurance, it is the case that the figures in the year to date are up 9.7%. If you look at where it was for the month of April, they were up 0.2%. The figures are now 34.4% lower than they were at their peak in 2016. If you look at motor insurance, prices are now down by 2.2% since the implementation of the personal injuries guidelines and down 5.1% since the Cabinet sub-committee on insurance reform was set up. We have seen some developments there. The Deputy is at it again. He is inferring that the Government is doing nothing, when I have laid out what the Government is doing. What we will be doing now is that I and the Minister of State, Deputy Troy, will be working on the new further action plan for reform. We will also be engaging with the insurance sector and looking at what further options we need to consider. We have done our bit, and so has the Oireachtas. We need to see better value for the consumer as a result of that.
Sentiment score: 0.06
I thank the Deputy for this question, particularly as maintaining a variety of payment options in the State is important for the economy and for ensuring the financial inclusion of consumers who are older, on fixed or lower incomes or at risk of digital exclusion. The availability of non-digital payment options ensures that certain vulnerable groups are not excluded from participating in our society. This is why cash access has been ensured via the recently passed Finance (Provision of Access to Cash Infrastructure) Act 2025 and why cash acceptance was recommended in the national payments strategy of 2024. Launched in October 2024, the strategy recommended cash acceptance or cash facilitation in the public sector where a public body levies fines or fees or where it provides goods or services for a charge. If a body cannot accept cash directly, it must arrange for the facilitation of cash payments via third party. In November, the Secretary General of my Department wrote to all other Secretaries General notifying them of this recommendation. Departments and bodies under their aegis will be required to confirm, via their annual reports, that they are in compliance with this recommendation. It is my view that postal orders fall within the scope of facilitating cash payments via a third party. Postal orders are accepted by a number of local authorities and State agencies such as the Revenue. If the Deputy would like more information on the volume, use and operation of postal orders, An Post is the appropriate body to ask. I will certainly raise this matter with an Post because I accept that the point the Deputy raised is important.
Sentiment score: 0.31
I will raise that matter with the Minister for housing. The information I have does cover off where we are with our State agencies but does not deal with the local authorities at the level the Deputy has just referred to, and, in particular, the specific case to which he referred. I accept that for our more elderly citizens who need to use local authorities and other services, not being able to use cash broadly can be, for them, more than an issue of convenience. As I said, I will follow up on this with the Minister for housing and will revert to the Deputy.
Sentiment score: 0.10
When it comes to inflation, it is important to emphasise the reason so many people are still struggling with it, and I accept it is a challenge for many, is not because of the actions of the Government. Inflation within our economy and the way it has gone up has not been caused by the Government of Ireland. It has been caused by factors that are outside of our control, in many cases. I refer to the cost of energy and what has happened with supply chains across the world. To answer the Deputy's question, we are currently - and I say "currently" - projecting a general Government surplus for this year of €8.7 billion, nearly all of which is caused by the corporate tax receipts most Members of this House, including I believe Deputy Doherty, have always acknowledged are highly volatile and that we cannot depend upon them. The reason I say we cannot do the one off measures we have done in the past again is that while the cost of living is still high, the rate of inflation we have seen that justified us doing those packages has fallen dramatically. When we brought in the various large cost-of-living measures, it was done in anticipation they would be one-off. That turned out not to be the case but what has turned out to be the case is that inflation has fallen. We were in a situation where inflation was well in excess of 10% and growing so quickly but now it will be, I hope, between 1% and 2% and growing at a far more normal level. I accept prices are high and that this is a challenge for so many people but the rate of price increases has fallen dramatically. What the Government will aim to do is to provide the support we normally do through, for example, social welfare measures that feature in every budget as opposed to the repetition of measures which if they became normal, I would be concerned they would not be affordable.
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It is not the case to say that some inflation is caused by forces outside our control. Looking at the inflation we have gone through in recent years most of it has been caused by issues outside of our control. What has happened with the cost of food and energy has been cause by the awful war on the people of Ukraine and the huge changes that have happened in supply chains and the way goods are supplied across the world after the pandemic. I accept there are issues that definitely contribute to the cost of living and that develop within our own economy. However, I make the case that if we accept that corporate tax receipts are absolutely at risk, because of the global issues we now confronting and that have not been raised yet in the Dáil today but which we discussed at the finance committee last night, it would not be proper for me to use receipts and money I know may not be permanent to fund measures that could become permanent.
Sentiment score: 0.01
Referring to being short-changed, if the Deputy looks at the measures the Government has brought in recent years, the various one off measures brought in on budget day did make a difference to people at a time during which the cost of living was so high and inflation was going up. In regard to the carbon tax the Deputy referred to, it is also the case that carbon tax funded the allocation of €951 million to various measures that are helping not only with fuel poverty but with the transition to a lower carbon future. Every day of the week, Members from the Deputy's party look for more of these measures while being against the taxes that pay for them. I have to be honest in acknowledging that if we want to invest more in a greener and lower carbon future, we need to have a way of paying for it. The Deputy does not take the same approach.
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He has not explained how we will pay for this.
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He is against the carbon tax.
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What the Deputy is proposing here is that we use receipts that we fear might not be available to us in the future to fund permanent measures. Incidentally-----
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-----if we had been implementing the measures proposed by the Deputy in the past-----
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-----we would not have this surplus available to us at all.
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I thank the Deputy for raising this. The help to buy scheme is a plan to assist first time purchasers with the deposit if they need to buy or build a new house of apartment. It also has as an aim to encourage additional supply of new homes by supporting demand. The Deputy knows what the help to buy scheme is so I will not go into the detail of it. The scheme has supported almost 55,000 individuals or couples. The estimated value of it has been €1.2 billion and the scheme has now been extended until 2030. It is reviewed in accordance with the Department of Finance’s tax expenditure guidelines on a regular basis and any revision to the scheme would have to be considered as part of the annual budget and finance Bill process. I look forward to hearing the Deputy's view on the scheme. I reiterate my thinking on the future of the scheme. I do not believe the scheme should be extended to second hand homes. I appreciate this can sometimes be a difficult argument to make but a criticism and risk of a scheme like this is that we have to avoid adding to the cost of new homes being purchased by home purchasers. There is a risk that if the scheme was made available for homes that have already been built the money we are making available at the moment would simply go into making the homes more expensive as opposed to what I believe it does overall, which is to help with the supply of homes within a certain price bracket. Beyond that, I look forward to hearing the Deputy's views on the future of the scheme.
Sentiment score: 0.20
The issue of the threshold change is a matter that will be considered budget to budget. I caution that any changes could affect the price of a home, particularly at a point when we still have so much we need to do to increase supply. Regarding the important point that the Deputy made about the Housing Finance Agency meeting, I believe that refers to meetings of the board. The Deputy is concerned that, by only meeting once a month, it could be delaying important decisions. I will follow up on that. It is appropriate that a board meet approximately once a month, but that should not delay important decisions at a time when we need all the finance we can get to build more homes. I will raise that matter.
Sentiment score: 0.13
I am familiar with the needs of home buyers on the northside of Dublin, including within the Deputy's constituency. We will give consideration to this issue as part of the work we do for the budget. I emphasise that, at a time in which supply is not being built as fast as the Deputy or I want, we need to be careful that we not make a change to a scheme that could inadvertently add to the cost of homes. We will take the Deputy's points on board and consider the issue he raised. In the context of our exchange, I will examine the issue of the frequency of board meetings to ensure that it is not creating undue delay in decisions that lead to homes being built.
Sentiment score: 0.12