Robert Troy
Longford-Westmeath · Fianna Fáil · Ireland
“Only last weekend, I had the honour of representing the Taoiseach at the commemoration of those who had lost their lives at the Battle of the Somme. The presence of the deputy First Minister of Northern Ireland was a very positive development. I understand that it was the first time she was present in Dublin for that commemoration.”
“People deserve to know and understand not just the aspiration but the implication for their livelihoods, public services and future. Transparency is something I have tried to foster during my term as Minister of State in the Department of Finance. People expect it and are savvy enough to find it themselves.”
“I welcome the opportunity to contribute on this debate on the financial implications of Irish unity. It is fair to say that it is an important discussion and one that deserves to be approached with seriousness, honesty and respect.”
“If we are serious about unity - I believe we all are - we must be equally serious about preparation. That includes asking the difficult but necessary questions, including about the role of the UK in supporting any transition, whether financial contributions over a defined period would form part of any agreement and how the EU could be inv…”
“While many will view these as barriers so as to delay and misinform, we need to realise that our island has overcome its fair share of barriers in the past and we have the capacity to overcome any barriers in the future. What we should be looking at are the opportunities that a united Ireland presents.”
“It can be secured through reassurance, actions and compromise. Deputy Lahart indicated some of the compromises that may need to be considered. From a financial perspective, we need to look for clarity. Some fundamental questions need to be addressed. What would happen to public services? How would taxation be structured?”
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“As I outlined in my earlier reply, insurance reform, including increasing the affordability of and accessibility to insurance, including flood insurance, remains a key priority for the Government. The Action Plan for Insurance Reform 2025-2029 includes specific actions on flood and climate protection. My Department is currently engaging with multiple stakeholders on the development of a long-term strategic approach to the provision of flood insurance, to consider potential solutions specific to Ireland to increase the availability and affordability of flood insurance. An update on this work and the other specific actions in the plan will be provided at the upcoming Cabinet sub-group on insurance reform.”
“I thank the Deputy for raising this important issue. I would like to acknowledge the severe impact the recent storm has had on families, communities and businesses across Ireland. In doing so, I also acknowledge the work of our emergency services, our local authorities, the Civil Defence and the very many organisations and individuals who worked tirelessly for their communities over the past few weeks. It is also important to state that the Minister for enterprise, Deputy Burke, and the Minister for Social Protection, Deputy Calleary, moved quickly to open the enhanced emergency humanitarian flooding support for impacted businesses, and emergency response payment scheme, to help businesses and homes to get back on their feet.”
“They have received funding through the humanitarian fund which is supported by the Government. I acknowledge there is a gap in the flood insurance market but that gap has been supported through Irish Red Cross funding put in place following every flooding incident. The most recent Red Cross funding put in place resulted in an increase in the funding paid to businesses that suffered flood damage.”
“The Government is dealing with this issue. That is why it is a number one priority in the action plan that was launched last year. The flood protection gap in this country is one of the lowest in the European Union. Under 5% of people cannot get access to flood insurance. I acknowledge that is of cold comfort to that 5%, but in terms of coverage from a European Union perspective, we have one of the lowest gaps in the EU. We are meeting with the industry and it has established a flood task force. The proposals are imminent, which will feed into the group that has been established by the Government, consisting of the OPW, the Department of Finance and the Central Bank. While I acknowledge there are people who cannot get access to flood insurance, this Government has not left them uncompensated.”
“The insurance industry has already established a flooding task force and we expect proposals in the next month, which will feed into our Department’s stakeholder forum, which will also take place next month. The forum will bring together the Central Bank, insurance industry, Department of Finance and OPW to bring about a proposal to address this gap in the market.”
“EU legislation, the Solvency II directive, states that neither the Central Bank nor the Minister for Finance can compel insurance companies to provide insurance cover. The last action plan on insurance reform delivered but gaps remain, and we acknowledge that. That is why we published a new action plan on insurance last summer. We acknowledge that State intervention is needed. That is why there are four actions in the action plan targeting this area. One of those actions, a priority action, is to develop a long-term strategic approach to the provision of flood insurance. That will bring together the Central Bank, the insurance industry, the Department of Finance and the OPW.”
“With respect to action 17 of the action plan, the Department of Finance is currently engaging with multiple stakeholders on the development of a long-term strategic approach to the provision of flood insurance to consider potential solutions specific to Ireland to increase the availability and affordability of flood insurance. An update will shortly be provided to the Cabinet sub-committee on insurance reform. My officials will also continue to monitor developments at EU and international level and assess flood insurance matters, including through participation in the OPW and the Insurance Ireland working group. These matters remain a priority for the Government and efforts continue to be made to encourage a responsive approach from the industry.”
“It found that one in 20 buildings - approximately 5% - has limited access to flood insurance and that 54% of this gap is concentrated in Dublin, Cork, Louth, Clare and Kildare. It found that one in 20 buildings, approximately 5%, have limited access to flood insurance and that 54% of this gap is concentrated in Dublin, Cork, Louth, Clare and Kildare. However, our recent experiences demonstrate that the impacts of flooding are not solely limited to those counties. The report notes that no single solution exists to address the flood protection gap. Building on the work carried out by the Central Bank, the Action Plan for Insurance Reform 2025 to 2029 includes four specific actions on flood and climate protection.”
“I acknowledge the serious damage caused by recent flooding events and their impact on families, communities and businesses across Ireland. The Government remains committed to protecting Ireland’s current and future generations by investing in climate adaptation measures to manage the impacts of extreme weather. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the national development plan, NDP, to 2030. This will protect approximately 23,000 properties across various communities from river and coastal flood risk. In terms of flood insurance, the Central Bank of Ireland has undertaken extensive research into the nature and scale of the flood protection gap in Ireland.”
“We can look at other measures to support working families that ultimately will put more money in their pockets at the end of the day, which is needed.”
“The Senator makes very well-founded points. It is important that we look at next year's budget in the context of how we can support working families who currently are feeling the pressure. Last year's budget took the prudent decision to protect our economy, to protect businesses and to protect jobs. If we do not have jobs, then we have a bigger problem. The Government and the new Minister for Finance - the Tánaiste - have very clearly said it is our intention to ensure that we look at taxation measures that will support working families. It is thought that if the Senator's proposal was introduced, it could lead to further increases in premiums by private health insurance companies that would take advantage of the fact that greater reliefs were to be introduced.”
“As with all taxation measures, these are kept under review as part of the annual budgetary process. I have no doubt that the Senator will use his position within his own party to engage with his party leader, who is the senior Minister in the Department which I serve, and feed into the budgetary considerations that will commence mid-year. We can take heart from his interview a week ago which confirmed that as part of budget 2027, there will be taxation changes to favour people who are working and who need a break and support in the budget of next year.”
“In 2023, over 1.4 million policyholders benefited from the relief and the associated Exchequer cost was €450 million. The current ceilings for the relief ensure a level of continuing support via the tax system for those who purchase medical insurance policies, while reducing Exchequer exposure to more expensive policies. Providing tax relief at source ensures individuals on lower incomes can receive the full benefit of the available relief. Tax relief in respect of medical insurance is always applied at the standard rate of income tax and there are no current plans to enhance that tax relief. As an enhancement to the value of relief available may be absorbed by price rises, it is possible that enhancing the relief could lead to price increases further than would have been incurred in the absence of any changes to the relief.”
“Where an individual has a policy of medical or dental insurance paid for by the employer and on which they are taxed through payroll as a benefit-in-kind, the tax relief may be claimed by filling in an income tax return. The current ceilings on the premium values qualifying for tax relief were introduced in budget 2014 as the cost of tax relief had increased significantly in the preceding years. In addition, despite the increasing cost of the relief, the numbers insured were estimated to have reduced by around 150,000 over the period, while the level of medical cover had decreased on some policies. Against this backdrop, the increase in cost was unsustainable. This is one of the most broadly claimed tax reliefs and, therefore, is very costly to the Exchequer.”
“The amount qualifying for tax relief is limited in the case of an adult to the lesser of 20% of the eligible premium paid or €1,000 per annum and in the case of a child to the lesser of 20% of the eligible premium paid or €500 per annum. A "child" for all such policies is a person under 21 years of age in respect of whom a child premium has been paid. Where an individual publishes a policy of health or dental insurance, the tax relief is granted at source. This is given as a discount on the cost of the policy so the insurance provider charges the premium less the tax relief to the individual, whether or not that individual is liable to income tax.”
“I thank the Senator for raising this matter. He has made some very valid points and I share his concern about the need for the Government to support the working family man and woman. Section 470 of the Taxes Consolidation Act 1997 provides for tax relief for private health insurance. This relief is in respect of payments made to authorised insurers under relevant contracts for medical insurance and dental insurance. Income tax relief is granted at the standard rate of income tax, currently 20%, subject to certain limitations on the amount of the premium, and it covers benefits which are the reimbursement or discharge of health expenses within the meaning of health expenses tax relief.”
“I will take on board what the Senator said today, and I make a commitment that I will engage with Brokers Ireland, Insurance Ireland and representatives of the banking bodies to make sure that they are dealing with returning emigrants in a fair, proportionate and transparent manner. If a consumer is not satisfied with how a regulated firm is dealing with them in relation to a mortgage or car insurance, they can make a complaint directly to the Financial Services and Pensions Ombudsman. Nobody wants to go down that route. The Senator has made a valid point. Someone who has worked abroad, accumulated savings and had a good track record should be able to transfer that to Ireland. I will raise that point directly on foot of the Senator’s representations with the representative bodies for the bank, Brokers Ireland and Insurance Ireland.”
“The Senator has made a very strong point on behalf of returning emigrants . It is a sign of a good, successful economy that people want to return home. However, with that, some problems arise. There are regulatory frameworks governing the provision of mortgages and car insurance for consumers, which are designed to protect consumers and overall financial stability. Within that overall framework, it is a business decision for mortgage and insurance providers to decide whether to provide a mortgage, loan or car insurance. In considering an application, regulated entities must act in a fair and reasonable manner and seek to serve the best interests of the individual consumer.”
“The Health Insurance Authority also administers provisions relating to those who have lived abroad, such as credits that can reduce lifetime community rating loadings upon return. I hope this information is of use to the Senator.”
“How risk factors are applied to insurance policies is a matter for each insurer. Neither the Government nor the Central Bank of Ireland has any role in these matters. Insurance Ireland, the industry body for insurers in Ireland, has confirmed that its members will take overseas driving experience into account as long as the driver can provide proof of claims-free driving experience abroad. I understand that motor insurers will take a no-claims history into account from the EEA, the UK, Switzerland, Australia, New Zealand, Japan, Canada, South Africa and the USA. Regarding health insurance, the rules governing open enrolment, community rating, lifetime cover and waiting periods are set down and overseen by the Health Insurance Authority under the health insurance Acts.”
“In addition, the Central Bank of Ireland’s consumer protection code requires lenders to assess affordability of credit and the suitability of a product or service based on the individual circumstances of each borrower. The code specifies that the affordability assessment must include consideration of the information gathered on the borrower’s personal circumstances and financial situation. Given that mortgage lending constitutes a very large part of the overall credit and banking system, it is important that these consumer protection and macroprudential measures are applied in a fair and comparable way across the system. It is important to note that mortgage and car insurance providers determine their commercial underwriting criteria for accepting applications.”
“These measures apply proportionate loan-to-value and loan-to-income limits for mortgage lending by regulated financial service providers. The key objective of these measures is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of credit issues developing in the future. Mortgage lenders are also subject to requirements to ensure customers have the capacity to repay credit advanced to them. From an affordability perspective, before providing a mortgage, lenders are required to undertake a creditworthiness assessment to ensure a borrower will be able to repay the mortgage. This assessment takes into account the individual circumstances of the borrower.”
“I thank the Senator for raising this issue. The Government is committed to supporting Irish people when they return from abroad to work. In relation to the specific issues raised by the Senator about access to mortgage and insurance products, it is important that fair and reasonable access to financial services and products is available for all. However, there are also important consumer protection and prudential requirements associated with the provision of such financial products to consumers. These measures are in place to protect both consumers and the financial system. It is important they are applied in a manner that is fair and consistent for all consumers. In relation to mortgages, the Central Bank of Ireland has put in place macroprudential measures for residential mortgage lending.”
“Opting to engage in enhanced co-operation on the loan to Ukraine will not only demonstrate our concern for its urgent financial needs but help to support it on its pathway to membership of the EU. Beyond this, it will also provide vital support for the European economy and security. It is in this context that I urge Senators to support today's motion.”
“It is critical that Ireland and its EU partners continue to help address Ukraine's urgent financial needs to allow it to exercise its inherent right of self-defence, to support its microfinancial stability and to best position itself during the ongoing peace negotiations. Ireland's support for the proposed loan is entirely consistent with our ongoing position on support to Ukraine, which to date has included political, humanitarian and non-lethal military and economic assistance. It is for that reason I propose rejecting the amendment to the motion put forward by Sinn Féin. Once again, I thank Senators for their comments and proposed amendments. They reflect the importance of this issue to us all. Ireland has consistently shown its support for Ukraine and will continue to do so.”
“We have all seen the horrendous pictures of Ukrainians experiencing subzero temperatures following sustained Russian drone attacks on Ukraine's energy infrastructure. Ireland's policy of neutrality means Ireland does not participate in military alliances or common or mutual defence arrangements. As the Government has repeatedly underlined, Ireland is militarily neutral but is not politically neutral in the face of Russia's unprovoked aggression against Ukraine. Ireland's support for Ukraine's right to defend itself from Russia's brutal attack on its sovereignty and territorial integrity is in line with Article 51 of the UN Charter and has been outlined in detail by the Government since Russia's invasion of Ukraine.”
“It is important for us to show our ongoing commitment to and support for Ukraine, giving further substance to the Taoiseach's commitment to provide comprehensive, financial, economic, humanitarian, military and diplomatic support to Ukraine and its people at the December European Council. From today's discussion, it is clear there is widespread support for Ukraine, as I said, and I welcome that. To those who may disagree with this motion, I note their comments around Irish neutrality but the Government disagrees with their sentiments. This financial support will not just help Ukraine with its defence capabilities but provide help and support continued functioning of the state and its ability to provide basic public services.”
“Ireland supports increasing the pressure on Russia to halt its brutal attacks, agree to a ceasefire and engage seriously in talks with the US and Ukraine, including by building on the sanctions imposed to date. Despite what some Senators claim, Ireland is not moving away from the institutions of multilateralism and we are continuously engaged in those institutions. Our continued solidarity with and support for Ukraine, alongside our international partners, is essential. They have significant financial needs and urgently require this financial assistance by the second quarter of this year. The proposed loan, using the enhanced co-operation mechanism, is for their immediate needs over 2026 and 2027, and does not even factor in the extensive recovery and reconstruction costs they will face in the future.”
“Of course, everyone's aspiration is that negotiations will be successful and will reach a peaceful conclusion, but withholding this financial assistance at this stage will not do anything to benefit or strengthen Ukraine's hand in these negotiations. We must not lose sight of why we are taking this vote. Ukraine has experienced four years of Russia's illegal aggression against its people and territory. The brutality of Russia's actions has caused immense suffering and loss for the people of Ukraine - large economic and fiscal costs as well as extensive damage to its infrastructure. It is essential that we not forget that Russia, in a fundamental violation of the UN Charter and international law, launched an unprovoked and unjustified invasion of Ukraine, a European country and fellow UN member.”
“I thank everybody for their contributions to today's discussion on this motion, which seeks the Seanad's approval for Ireland to exercise the option in accordance with Article 29.4.7 of Bunreacht na hÉireann to participate in enhanced co-operation on the establishment of a loan for Ukraine. I have noted the reactions and comments and hope to respond to some of the key themes raised across the time remaining. I acknowledge that there is a difference of opinion in the House on this proposed loan. The one point I take, which we can all agree on, is the need for continued support for Ukraine, and to stand in solidarity with Ukraine. That requires financial assistance. Ukraine is seeking this financial assistance now, because without it, they are in a much-weakened position as they enter negotiations with Russia.”
“It is critical that Ireland and its EU partners continue to provide Ukraine with the support necessary to exercise its right to self-defence under Article 51 of the UN Charter. In addition, the December European Council conclusions clearly recognise the specific character of the security and defence policy of certain member states and the security and defence interests of all member states in relation to the loan to be provided to Ukraine. The proposal is for the loan to be used to finance Ukraine's wider budget needs as well as defence spending. With the reasoning I have set out, I urge Senators to support today's motion seeking approval for Ireland to exercise the option to participate in enhanced co-operation with 23 other EU member states on the establishment of a loan to Ukraine. I commend the motion to the House.”
“Last December, we here in the Oireachtas heard directly from President Zelenskyy on the devastation that Russia's unprovoked and unjustified full-scale war is having in Ukraine. We cannot and must not stand idly by in the face of such aggression. Ireland has been, and will continue to be, a strong supporter of Ukraine. There is an onus on us all to act and, in this case, provide our support to help to address Ukraine's financing needs for 2026 and 2027. This is essential for Ukraine to be able to exercise its inherent right of self-defence, support macrofinancial stability and put it in the strongest possible position in peace negotiations. It is for this reason that I propose rejecting the amendment to the motion put forward by Sinn Féin.”
“On 20 January, the Government provided its approval to, first, proceeding with enhanced co-operation on establishing a loan to Ukraine and, second, moving today's motion seeking the prior approval for same from both Houses of the Oireachtas. This is in line with Article 29.4.7° of Bunreacht na hÉireann, which outlines that "the State may exercise the options or discretions to which Article 20 of the Treaty on European Union relating to enhanced cooperation applies, but the agreement to any such decision, regulation or act shall be subject to the prior approval of both Houses of the Oireachtas." By opting to participate in enhanced co-operation on the loan to Ukraine, Ireland will provide a clear signal of our continued solidarity with Ukraine and commitment to the security of our Continent.”
“So, the remaining 24 member states, including Ireland, asked the European Commission to prepare a proposal for a Council decision authorising enhanced co-operation on establishing the loan for Ukraine. Approval to proceed with enhanced co-operation is granted by the Council, based on a European Commission proposal and following European Parliament consent. Agreement in principle to the European Commission proposal on enhanced co-operation was provided at the Committee of EU Ambassadors on 9 January. The European Parliament provided its consent on 21 January. The final agreement will be taken by the participating member states at Council in the coming days.”
“Continued and co-ordinated support from international partners therefore remains essential, including timely delivery on commitments by the G7 for 2026 and beyond. While the December European Council agreed the €90 billion loan, it was not possible to get agreement across all 27 member states as the Czech Republic, Hungary and Slovakia opted not to participate. Article 20 of the Treaty on European Union sets out a mechanism, called enhanced co-operation, that allows a minimum of nine EU member states to set up advanced co-operation in a particular area. This is provided for when the EU as a whole cannot achieve the goals of such co-operation within a reasonable period.”
“In place of this proposal, leaders agreed the Ukraine support loan of €90 billion for 2026 and 2027, using EU borrowing on capital markets, to be repaid by reparations due by Russia and backed by EU budget headroom. The European Commission is currently working with member states on the regulations to underpin this. The €90 billion support package is estimated to cover two thirds of Ukraine's overall financing needs for the next two years. Given its imminent financing needs, it is critical that European financial supports are disbursed to Ukraine in the second quarter at the latest. These supports will further advance strategic investment in Ukraine and contribute to European security, defence and sustainable economic development.”
“It is in this context that new financial support from the EU is urgently needed. Given the ongoing war and these imminent financing needs, extensive efforts took place in the EU in late 2025 to agree a reparations loan for Ukraine of €210 billion to cover the period up to 2030. It was proposed that this would have been funded either by borrowing cash balances from banks and other financial companies holding immobilised Russian Central Bank assets, or by joint EU borrowing, guaranteed by EU budget headroom. Despite intensive discussions it was not possible to come to an agreement on this proposed reparations loan at the December European Council meeting, though leaders asked for work to continue on the technical and legal aspects of this loan.”
“This includes, for example, €18 billion under the macro-financial assistance, the EU's contribution to the G7 extraordinary revenue acceleration loan and €50 billion under the EU budget's Ukraine facility, of which €28 billion has already been disbursed. On 3 December, European Commission President, Ursula von der Leyen, and EU Commissioner Dombrovskis made a statement on Ukraine's financial needs, noting that the IMF estimates that Ukraine will need €135 billion for 2026 and 2027. However, this assumes that the war will end later this year. The level of uncertainty around this remains exceptionally high, not least due Russia's intensified attacks. The European Commission has advised member states that the financial situation in Ukraine requires a disbursement of EU moneys by April.”
“This includes €173.4 million in stabilisation and humanitarian assistance, €200 million in bilateral, non-lethal military support for Ukraine, €66 million in non-lethal military support under the European Peace Facility as well as €25 million to support the provision of energy to Ukraine, announced last month. Beyond financial support, Ireland has welcomed over 123,700 people fleeing Russia's war of aggression against Ukraine since the war began, under the temporary protection directive. There has been widespread international support for Ukraine, particularly from the EU. Since the start of Russia's war of aggression against Ukraine, the EU and its member states have provided €193.3 billion in overall support.”
“How Europe and the international community respond has far-reaching consequences for Ukraine, for European security and for the European economy as well as for the future of the international, rules-based order on which our security and prosperity depend. Ireland has consistently expressed its unwavering support for Ukraine's sovereignty and territorial integrity. The people of Ireland feel strong empathy and solidarity with the people of Ukraine. This was re-emphasised during President Zelenskyy 's visit to Dublin in December of last year and by the Taoiseach at the European Council later that month. Since the onset of the war in February 2022, Ireland's total allocated support to Ukraine amounts to over €464.4 million.”
“These attacks have killed and injured civilians and left millions without power or heating in the depths of winter. Each day that Russia continues its brutal war against Ukraine is another day that Russia continues to violate international law and makes the world, and Europe in particular, a less secure and more dangerous place. The war is having a broad impact on the European Continent, particularly from an economic, fiscal and security perspective. Uncertainty levels remain elevated. Economic momentum has slowed, investment and consumer spending has weakened, inflation has risen and supply disruption, including in energy supply, has emerged. Member states have been forced to take action to mitigate these economic impacts and to enhance their security and defence infrastructure.”
“I appear before the House today to discuss the motion seeking approval for Ireland to exercise the option, in accordance with Article 29.4.7°.i of Bunreacht na hÉireann, to participate in enhanced co-operation on the establishment of a loan for Ukraine. It is almost four years since Russia's unprovoked, unlawful and unjustifiable attack on Ukraine began and the situation in Ukraine remains grave. Russia's illegal war of aggression has claimed almost 15,000 civilian lives and over 100,000 military casualties. It has forced the migration of 6 million people and caused over €450 billion of damage to Ukraine's infrastructure. Recent weeks have seen an escalation of deeply disturbing drone and missile attacks targeting critical infrastructure.”
“The Bill places the Credit Review Office service on a firm statutory footing so that it can continue to provide a valuable service to SMEs across Ireland and I commend it to the House.”
“The Bill also provides for an expanded role for the Credit Review Office service in the future should the evolution of the SME credit market justify that, underlying the Government's ongoing commitment to support the growth and development of the SME sector. The Department of Finance will continue to monitor developments in this area and, should further change be necessary, appropriate legislative provisions can be considered in the future. The existing Credit Review Office has been operating quite effectively on its current legal basis. It is timely to bring the Bill forward now due to the fact that the NAMA legislation is due to be repealed. I thank the officials and Senators in the House for their co-operation this evening.”
“Between the actual reviews conducted and the advice given directly via its helpline or more generally through its useful publication or advocacy work, the Credit Review Office has provided a valuable service to thousands of Irish SMEs. More importantly, it has contributed to an improved culture in the banking sector in the period since the financial crash. There is now an expectation that banks will treat their customers better and give due regard to the best interests of their customers, including SMEs. While the Bill is, in one sense, merely a technical exercise in providing a legal basis for the continuance of the status quo , it is also a declaration of the Government's expectation that borrowers are treated fairly and with high standards of professionalism.”
“I thank all the Senators for their contributions to the discussion of this Bill as it proceeded through the House, in particular last week, and for their presence here this evening. The work the Credit Review Office has done since it was established in 2010 has given valuable assistance to viable SME and farm businesses in obtaining bank credit. Placing the office on a firm statutory basis recognises that value and endorses the credit review service as a permanent feature of the SME credit landscape in Ireland. The credit reviewer's recommendations have resulted so far in banks agreeing to make over €86 million in credit available to SMEs and farm businesses.”
“Loans were made available to some 78% of cases that were referred to the Credit Review Office. It is only a small percentage that did not benefit. That being said, the Oireachtas has no power to compel an independent financial institution to actually lend money if it does not believe is in its interest to do so or if there is a fear that it might not get it back. A high percentage of cases were successful over the last 16-odd years and I do not envisage that changing.”
“Section 20 is a standard provision, which allows the credit reviewer, if required, to appear before an Oireachtas committee, other than the Committee of Public Accounts, as that is separately provided for under section 19. It specifies that he or she shall not testify before such a committee in relation to any matter that is sub judice , which is a case under judgment, or comment on Government policy. As the Senator rightly acknowledges, since the Credit Review Office was established in 2010, it has done really good positive work. Thanks to the work of the office, some €86 million of loans has been approved. Those loans have supported viable businesses and farms that may not have been able to continue were it not for the work of the Credit Review Office.”
“We did not want to put an administrative burden on new non-bank lenders at this stage, but it can be kept under review. Part of the remit of the Credit Review Office is to inform the Minister for Finance of trends, relevant data and whether any particular change is needed. I welcome the fact that we have broad support across the Seanad and in the Dáil. That is a realisation that all of us in public life are here to support enterprise, SMEs, farmers and, ultimately, jobs. It is good to see that we can work collaboratively on occasions like this.”
“We cannot force banks against their will, but it has been shown to be hugely positive when there are 78% in the positive. On the opportunity to extend further, there are provisions within the Bill to allow the Minister for Finance to increase the amount that can be reviewed, from €3 million to €5 million, taking account of how SME business lending evolves into the future. There is also an opportunity to extend it, for argument, to the credit unions. We amended the credit union legislation earlier this year, which allows credit unions lend more to SMEs and non-bank lenders. There is provision within the Bill to look at that into the future, but it was felt that, at the moment, the predominance of cases are going through high street banks.”