Pearse Doherty

168. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the operating profits of motor insurance companies and public and employer liability insurance using a standard definition of operating profits, that is, after paying all business expenses but before tax and interest deductions from 2020 to 2025, by year; and if he will make a statement on the matter. [73162/25]

I raise with the Minister the profits that insurance companies are making in Ireland. When we talk of profit margins, we are talking specifically about operating profits, which, as we all know, have a specific meaning that is well understood internationally. It is always before tax and interest deductions. Will the Minister set out the operating profits of motor insurance companies and in the publ…

The Minister knows I am raising this because of the invaluable reportage we get from the Central Bank every year that is reported upon and understood by us. It has its own definition of operating profits. When we talk about the operating profits of any company, that means operating profits before tax or interest is deducted. That is the standard definition. The Central Bank uses its own definitio…

Will the Minister provide those?

I appreciate that. I have engaged with the Central Bank in relation to this and it has provided me with the operating profits as commonly understood for motor insurance. It did not have them for the public liability. This is why I welcome this. This shows us two things. The insurance companies are making bumper profits. We know from the National Claims Information Database, NCID, reports that they…

170. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the updated projections from his Department in the wake of recent CSO inflation figures; and if he will make a statement on the matter. [73720/25]

Last week, the CSO published inflation figures of 3.2%. That is the highest rate we have seen in almost two years and way above what the Department of Finance projected on budget day. At that time, it was projected that we would be looking at an inflation rate for this year of 1.8%, which is starting to look like wishful thinking. How were the Department's projections so far off? Has the Tánaiste …

People are being crucified as a result of the cost-of-living crisis. I have raised this with the Tánaiste time and again. Inflation is going back up and is eating away at workers' wages. It is leaving households struggling to make ends meet. Real wages declined in 2022 and 2023. They only increased by 0.1% in 2024. We are in danger of seeing the same again in 2025. The Tánaiste has made the point …

I will go back over that again. I have not disputed that is the case in 2025; I am saying we may end up with it not being the case before the end of the year, because for the past three months, inflation has been outpacing wages. There are warning bells going off all around the place. Inflation stands at 3.2%. It was projected to be 1.8%. The Government delivered a budget. The Tánaiste is the guy …

172. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the steps being taken to address the situation where banks are maintaining high mortgage interest rates in order to maintain high profits; and if he will make a statement on the matter. [73721/25]

I have raised this issue with the Tánaiste over and over again. It is clear that people are being ripped off. I wonder whether that is the assessment of the Tánaiste, as Minister for Finance, or does he think it is okay that banks make €5 billion in profits and charge higher interest rates than the average in the EU. That is where they are making their money. It is not due to huge innovations. It …

Deputy O'Callaghan made the point. To tell us that interests have dropped 0.2% in a year on weighted average, when the ECB has reduced interest rates seven or eight times in the past 16 months, is a nonsense argument.

It is a nonsense argument. The banks should be reducing their interest rates beyond the rate they are offering at this time. The ECB has given them the flexibility to do that by reducing the rate. I am not expecting them to be passed on percentage by percentage, but there is no doubt that Irish banks are creaming it off the backs of mortgage holders and the Tánaiste is doing nothing about it. His …

Can I raise a point of order? I would like clarification because I was not aware of this. Are we allowed to ask supplementary questions on priority questions?

It was provided for there in the last question. Priority questions are protected, as far as I know today, from other Members interfering in them.

That is okay. I was not sure if it had changed or not, genuinely.

Exactly.

I agree with the Minister on the need to look long-term in the projections. When looking so far ahead, there are huge variances but we need to look beyond one year. I recall that in his first speech as leader of Fine Gael, the Minister promised that a five-year tax strategy would be published by the end of last year. I cannot find that anywhere. Is it on the Fine Gael website, the Department of F…

That is not a tax strategy.

176. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the engagement he has had with other members of the Government in relation to defective concrete block scheme since taking office, including to ensure that all victims of the defective concrete products scandal are treated as equal citizens and are able to access financial products and services on the same basis as everyone els…

Since taking office, what engagement has the Minister had with his Cabinet colleagues and the Central Bank to ensure all victims of the defective blocks scandal are treated as equal citizens and can access financial products and services on the same basis as everyone else? I ask this because the State's response to this crisis continues to be characterised by unfairness. If you live in Donegal, wh…

The banking and insurance focus group is doing tremendous work. In fairness to BPFI, it has really engaged with it and included other organisations such as Insurance Ireland, valuers and so on. The Department of housing has refused to engage with them, which is ridiculous, to tell the truth. They should be part of the working group, as should other Departments. These are very serious people who ar…

BPFI has been engaging for nearly two years now and it has done a huge amount. These are very serious people. The Minister mentioned the childcare facilities that I have raised with him. There are three childcare facilities that are community run. The Minister has been talking about State-run childcare facilities and all the rest but the three community childcare facilities in question – in Lette…

Tá an Rialtas tar éis cliseadh arís is arís eile ar phobail chósta agus ar thionscadail iascaireachta na hÉireann. Léiríonn an géilleadh seo go bhfuil ganntanas iomlán suime ag Fianna Fáil agus Fine Gael maidir le saolta agus slí beatha na n-iascairí. Níor sheas siad suas dóibh riamh agus níl siad ag seasamh suas dóibh anois. Beagnach dhá bhliain ó shín, d’ardaigh mé cás Mhuireann Kavanagh díreach…

Sinn Féin is not opposing this legislation. I know the Minister is stepping in for Deputy Troy. I want to express my condolences to Deputy Troy and his family on the passing of his father. Our thoughts are with him at this difficult time. I want to say two things in relation to this legislation. We facilitated the quick passage of this legislation. We support the Credit Review Office. We have sig…