The motor insurance transparency code was launched as a priority measure under the Government action plan for insurance reform from 2025 to 2029 to enhance transparency, clarity and consumer understanding in the motor insurance market. The code was developed by a working group comprising insurers and intermediaries with the support of the Department of Finance and the Central Bank. The code is designed to complement, rather than duplicate, existing regulatory requirements. It sits under the legislative umbrella of the Central Bank of Ireland's consumer protection code, CPC, and aligns with relevant disclosure requirements and requirements to inform customers effectively. The revised CPC came into effect on 24 March this year and is legally binding on insurance companies and intermediaries. The Central Bank's administrative sanctions procedure will be applicable in respect of non-compliance with the revised CPC. The voluntary nature of the code allows for an appropriate balance between transparency and the protection of commercially sensitive information. The code has been carefully designed to provide meaningful insight to consumers into how premiums are calculated, while ensuring that firms are not required to disclose information that could undermine competition or market functioning. While the code is not subject to the administrative sanctions procedure, there remains a clear framework for oversight and monitoring. The Central Bank will provide a report to the Minister for Finance in advance of the first review of the code, which will take place within 18 months of implementation. This report will be on the Central Bank's observations on firms' adherence to the code and the effect the code is having in achieving its objectives. If it fails to achieve the objectives, we are, of course, open to putting it on a legislative footing.
Sentiment score: 0.19
As the Deputy will be aware, we are implementing the second action plan on insurance reform. Reforms are working. The latest CSO data of April 2026 shows that in the year to date insurance premiums are 2.2% lower this year than in April 2025. The Deputy may want to dispute that figure. Premiums are still 35.8% lower than they were at the peak of 2016. I acknowledge that we need to keep a close focus on this to ensure we continue to see a downward move. This transparency code will help to achieve that. Some 2.2 million policyholders will see the benefit of this code in their quotations and renewal documents from quarter 3 of this year. Despite the fact that it is a voluntary code, 97.5% of insurers and intermediaries selling insurance in this State have already signed up to it. This will enable consumers to see exactly how their policy is charged and to shop around to ensure they get the best value for money in their policy.
Sentiment score: 0.11
Insurance premiums have fallen in the past couple of months, according to the CSO.
Sentiment score: -0.36
That is a welcome development. There were a couple of years where there were increases. We are still 35% lower than we were at the peak. That is a success. The reason we re-established the action plan on insurance reform was that we acknowledged there was more work to be done. We are doing that. The transparency code has been published in a timely and efficient manner. Consumers will see the benefit of that code in their renewals come quarter 3 of this year. The last time the Deputy raised the question with me regarding his insurance premium he spoke about how it has increased, but when he shopped around he got a lower one. The simple fact of the matter is that not enough people are shopping around. We now have ten insurance companies providing insurance cover in the motor insurance sector in Ireland. There have been three new players in the past number of years. That is success. There is more competition in the market. Only one in four people shops around and of those, 76% achieve savings. This will enable people to get better premiums on their insurance policies. We will keep the matter under review. It is a success. The Deputy can never acknowledge any progress.
Sentiment score: 0.14
The Government is committed to supporting the continued development and expansion of the credit union sector, recognising, as the Deputy does, its important role in providing community-based financial services. A range of legislative and regulatory measures have been delivered and the focus now is on the development of a new five-year strategy for the credit union sector. On 19 April, I formally announced the commencement of the credit union strategy project. This programme for Government commitment will, for the first time, deliver a sector-wide approach to future-proof the credit union movement and allow the sector to address challenges and capitalise on emerging opportunities. This strategy will build on the foundations of the Credit Union (Amendment) Act and the Central Bank’s lending reforms, and will focus on establishing a shared vision and a clear strategic direction for the sector, primarily within the existing legislative and regulatory framework. The Credit Union (Amendment) Act 2023 introduced significant reforms aimed at strengthening and modernising the sector and broadening the range of services available to members. Key measures include loan referrals, loan participation and provisions relating to the establishment of a corporate credit union. Amended lending regulations, which commenced on 30 September 2025, significantly enhanced the lending capacity of credit unions. The regulations increased the lending limits to 30% of total assets for mortgages and 15% for business loans, thereby enabling credit unions to expand their offerings and compete more effectively in these markets. Based on sector assets of €22.5 billion at the end of 2025, these changes permit up to €6.8 billion in mortgage lending and up to €3.4 billion in business lending.
Sentiment score: 0.58
I could not agree more. Certainly, since my appointment, I have been struck, as I go around the country visiting different credit unions, just how in tune they are with their members' needs and how ambitious they are to meet the enhanced needs of the communities they represent. That is why the amended lending regulations, which came in on 30 September last year, offer a huge opportunity to the credit union movement to really compete in the mortgage sector and in the SME lending sector. As I work with the sector to develop a five-year strategy, I am engaging in a series of consultation events with the credit union movement to see what more we can do to ensure we put this critical financial institution on a long-term sustainable footing for the next five years.
Sentiment score: 0.46
The credit union is an extremely trusted financial institution. In fact, for ten years in a row the credit union movement has have been awarded the ranking of the most reputable brand. There are huge opportunities based on the very trust its members have in its service. We have already seen that the amended lending regulations has given credit unions opportunities in both the mortgage space and the SME lending space, and there is an appetite there to exploit the opportunities that exist. I have been very strong in requesting the participation of the local enterprise offices and the chamber of commerce representative bodies, as I go around engaging with various regional workshops, to ensure we hear from business representatives to see what type of products they require so that the credit union can fill that gap. There are great opportunities there. There is an ambition by the credit union movement to exploit those opportunities and I want to help it to make sure it does just that.
Sentiment score: 0.78