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 said, I want to thank Deputy Ardagh in particular, but all Members of the House who have been very supportive as we have worked our way through this legislation. I look forward to addressing any questions and engaging in further detail on Committee Stage of the Bill, which I understand will be taken next week, should we get approval of the Bill here tonight.”
“On 27 April, the Government approved these amendments, and a decision was taken to progress the legislation as a priority measure in order to deliver on a programme for Government commitment. These changes will deliver a balanced, proportionate and effective framework that will provide real benefit to cancer survivors. I will take the opportunity to thank, in particular, Deputy Catherine Ardagh, who initiated this Bill in the first instance in the Seanad, re-initiated it in the Dáil and enabled me to capture or overtake it to allow me to prioritise it as a Government Bill. We have gone further than what was originally envisaged under the voluntary code. This is good news for cancer survivors.”
“Also included are amendments to the Insurance Act 1964 to fully implement changes to the Insurance Compensation Fund framework arising from the sixth motor insurance directive. These amendments ensure that captive insurance undertakings, which insure only the risks of their own corporate group, remain outside the scope of new levy requirements relating to crossBorder motor insurance business. This approach is consistent with the existing Insurance Compensation Fund framework, under which captives are excluded from levy requirements for domestic insurance businesses. Together, these measures ensure that the legislation is both effective in protecting consumers and fully integrated within the broader regulatory framework governing the insurance sector.”
“In addition, and to deliver on action 24 of the Action Plan for Insurance Reform, amendments to the Insurance Act 1936 are also included. These amendments will give the Central Bank of Ireland the power to petition the High Court for the winding up of reinsurance companies. This will address a gap in the current framework and bring reinsurers into line with other financial services sectors, such as banks, credit unions and investment firms, where the regulator already has appropriate insolvency powers. The proposal also responds directly to the IMF’s financial sector assessment program recommendation that weaknesses in the insurer insolvency regime be remedied through legislative change.”
“This represents an increase on the existing voluntary code’s threshold of €500,000, which I sought during consultation, and expands access to protection while allowing normal underwriting practices to apply to any portion of cover above that threshold. To ensure the framework remains responsive to market developments over time, the amendments provide for periodic upward review of the threshold. The Minister for Finance will be required to review the threshold in five-year periods, having regard to factors such as residential property prices, and may increase the amount by order, subject to approval by both Houses of the Oireachtas. The amendments also include standard provisions on the administration of the scheme, including the payment of expenses in accordance with public financial procedures.”
“The amendments will introduce a clear operational framework for insurers to verify, if requested, information necessary to determine eligibility, including confirmation of diagnosis, treatment completion and remission. Insurers can then assess and determine applications accordingly. That history must be disregarded and cannot be used to refuse cover or to increase premiums within the statutory threshold. The original Bill’s sponsor, Deputy Ardagh, is aware of and supports this approach. The Bill also specifies that the disregard obligation will apply up to a defined level of mortgage protection insurance cover, set at €650,000.”
“At the core of the amendments is the statutory obligation on insurers to disregard a person’s cancer related medical history once the specified conditions are met. These conditions reflect the operation of the voluntary code currently in place, requiring that an individual has completed active cancer treatment and has been in complete remission for a period of five years. This five-year threshold is shorter than the seven-year threshold currently in the voluntary code, reflecting established medical standards and the point at which the risk of recurrence is significantly reduced. I thought it prudent to shorten this timeframe based on the evidence presented to me and the need to give certainty to survivors. While the measure is often described as a right to be forgotten, the legislative approach is in fact a right to disregard.”
“This reflects policy that the Central Bank’s role remains focused on prudential supervision and conduct regulation, and that individual consumer complaints in this area are more appropriately addressed by the Financial Services and Pensions Ombudsman, a body already established to resolve disputes between consumers and financial service providers. While the Financial Services and Pensions Ombudsman is not mentioned explicitly in the Bill, compliance with the framework is a requirement for insurers. The amendments also clearly define the scope of the Bill to apply specifically to mortgage protection insurance rather than across all financial services. This targeted approach aligns the Bill with the existing voluntary framework and avoids unintended impacts across the wider insurance and financial services market.”
“These amendments will bring that voluntary model to a framework that provides legal certainty. They will give statutory effect to protections that were previously voluntary, making them enforceable in law and ensuring consistent application across the market. The amendments will provide for a revised structure to the Bill, including: a new Title, namely the Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Bill 2026, which more accurately reflects the purpose of the Bill, as well as essential definitional provisions clarifying key terms such as insurer, mortgage protection insurance, applicant and principal private residence and introducing a definition of active cancer treatment to ensure consistency in application. A significant change is the removal of the proposed amendment to the Central Bank Act 1942.”
“Following detailed analysis and extensive engagement with stakeholders, including the Office of the Parliamentary Counsel, the Central Bank, the Financial Services and Pensions Ombudsman, Insurance Ireland, the Irish Cancer Society, the Irish Society of Medical Oncologists and the Society of Actuaries in Ireland and engagement with EU counterparts, it became clear that certain aspects of the Bill as published required refinement in order to ensure that the measures are proportionate, operationally effective and compatible with EU law. It is important to recognise that the Bill builds on the voluntary code of practice introduced by Insurance Ireland in December 2023. An independent review found that the code was broadly effective but also highlighted the limitations of a voluntary approach.”
“As Members will be aware, the Central Bank (Amendment) Bill 2025 was originally introduced as a Private Members’ Bill by my colleague, Deputy Catherine Ardagh, before I took it on as a Government Bill and sought to provide for a broad statutory right to be forgotten, as it is known, for cancer survivors for certain financial products. That objective has strong support across Government and Opposition benches and is reflected in the programme for Government commitment to legislate in this area.”
“I thank the House for the opportunity to discuss the motion to introduce amendments to the Central Bank (Amendment) Bill 2025 on Committee Stage which will ensure that the Bill delivers, in a practical and legally robust manner, the policy objective of providing protections for cancer survivors in accessing mortgage protection insurance cover for their principal private residence. A cancer diagnosis should not define a person's future or stand in the way of owning a home. It should not stand in the way of providing security for oneself or one's family and should not cast a shadow over someone who has already gone through so much.”
“I move: That Standing Order 194 is modified in accordance with Standing Order 241(2) to provide that it be an instruction to the Joint Committee on Finance, Public Expenditure, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach in relation to the Central Bank (Amendment) Bill 2025, that the Committee has power to make amendments to the Bill which are outside the scope of the existing subject matter of the Bill in order to make provision for: (a) the establishment of a statutory obligation on insurers to disregard a person's medical history, in respect of a diagnosis of cancer, for the purposes of applications for mortgage protection insurance relating to a principal private residence; (b) the definition and regulation of the conditions under which such medical history shall be disregarded, including the completion of active cancer treatment and specified periods of remission; (c) the provision by applicants of information necessary to demonstrate compliance with such conditions, where requested; (d) the specification of a maximum amount of mortgage protection insurance cover to which such disregard shall apply; (e) the conferral of functions on the Minister for Finance to review and prescribe such maximum amount, including the making of orders subject to approval by Dáil Éireann and Seanad Éireann; (f) the amendment of the Insurance Act 1936, including the extension of provisions relating to the winding-up of insurers and reinsurers, and the powers of the Central Bank of Ireland in that regard; and (g) the amendment of the Insurance Act 1964, including provision in relation to the Insurance Compensation Fund; and to change the title of the Bill and make other consequential amendments required to take account of the changes above.”
“The Bill represents a significant step in the State's post-crisis normalisation. It acknowledges the substantial work carried out by NAMA and the special liquidators of the IBRC and provides a clear and efficient structure to bring remaining matters to a conclusion and completion. I commend the Bill to the House.”
“It is contributing approximately a billion euro per annum in taxation to our economy. Of those jobs, 46% are outside the capital. When people speak about funds, they portray them in a very negative way which is not a true or fair reflection of the facts. In terms of the need for housing, we know we need to spend, on average, €20 billion per annum to ensure that we construct the number of houses that are needed on an annual basis to ensure we bring house prices down to an affordable level, we increase supply to meet demand and we ensure rents fall to a more affordable level. One of the critical components of that is to ensure that international and private funds provide investment. It may sound as if we are playing to a certain audience but that is an appropriate way to characterise funds.”
“The NTMA is simply stepping into the role of NAMA. Everybody's rights will be preserved, and equally everybody's obligations will also be preserved. On the query from Deputy McGuinness, I will undertake to follow up with officials and respond to him directly. A number of Deputies spoke about funds and the funds industry, and portrayed funds as something negative to be investing in in this country. As Minister with responsibility for financial services, I know first hand the importance of the funds industry to this country. The funds industry is very much a pillar of the financial services sector of our economy through funds administration, asset management, risk and compliance and legal and financial advisories. It provides 19,500 and 35,500 direct and indirect jobs.”
“One of the Government's objectives in regard to PTSB was to maximise the value achieved from the sale to recover taxpayer funds and deploy these to more productive purposes. The BAWAG has confirmed it will operate PTSB as a bank with long-term and clear objectives and this is an opportunity to present a credible challenger to AIB and Bank of Ireland. Its plan is to maintain a meaningful branch footprint. A number of Deputies referred to the importance of having competition in the banking sector, which is a consideration for the Minister for Finance. I cannot comment on individual cases as that would not be right or proper. I do not have knowledge of individual cases Deputies have raised but I can confirm that there will be full continuity. Nobody will be prejudiced by the transfer of activities.”
“Eight staff will work in the resolution unit to work through the remaining matters. This will not include the current CEO, who is an NTMA employee. He was always an NTMA employee and will return to the NTMA on an individual contract. Deputy O'Callaghan mentioned ISIF investments. The residual activity from NAMA and the IBRC is ringfenced in the NTMA and will not be part of the broader NTMA portfolio. Deputy Healy-Rae will be pleased to note that the Bill does not contain any provisions relating to staff, including terms and conditions. Staff who were assigned to NAMA were originally employed by the NTMA and, therefore, there is no legislative transfer of staff. PTSB was raised.”
“It made a significant social and economic contribution. It achieved a €5.6 billion surplus. It supported the delivery of more than 45,500 houses, contributed to Dublin Docklands regeneration and a number of houses and lands were transferred to the Land Development Agency, which will contribute to the delivery of further houses in the years ahead. Some contributors asked about pre-legislative scrutiny. I understand the Tánaiste has written to the Chair of the joint committee on finance to respond comprehensively. If any of the Deputies on that committee did not get the response, we will be happy to ensure they do. The Department of Finance will continue the oversight and governance throughout the final drawdown and completion. A number of people mentioned the number of staff.”
“It is worth going back to look at the mandate that was set for NAMA, which was to get the best return achievable for the State. NAMA began by de-leveraging its overseas portfolio in 2012, where the recovery was stronger. Then, in Ireland, as recovery began to take hold, it de-leveraged more domestically and debtors were in a position to refinance. It is worth noting, as was referenced by a number of contributors, that an independent report by Professor FitzGerald found that NAMA was broadly successful and the Comptroller and Auditor General last week reported that NAMA achieved higher returns than originally projected. Had NAMA sat on assets indefinitely, other charges would have been made, with people asking why NAMA was not trying to realise and pay back the money the State had invested. NAMA was established with a specific mandate.”
“Certainly, the three main Opposition parties have indicated their support for it. As I mentioned earlier, it is appropriate that any remaining matters - particularly litigation - are managed within a streamlined structure. The Bill provides a practical approach to achieving this, while ensuring continuity and legal certainty for all parties and preserving existing rights and obligations. The NTMA is well placed to take on this role. The residual activity it is taking on will be ring-fenced within the NTMA. It has the governance, expertise and experience required to manage complex financial and legal matters to completion, while avoiding the cost and duplication of maintaining separate structures which are no longer required, given the reduced scale of the remaining activity.”
“I thank all the Members for their contributions. I will endeavour to reply to all the points that were raised. I will do it just to myself and the Leas-Cheann Comhairle by the looks of things, but the Leas-Cheann Comhairle did contribute. I say that somewhat in jest because I acknowledge that many Deputies are tuned in in their offices and that not everyone can sit in the Dáil for hours at a time. The question "why now?" has been asked a number of times. The reason is that NAMA and the IBRC special liquidators have now substantially completed their mandates and are reaching the final stage of their life cycle. That is why the Bill is being proposed at this stage. I acknowledge that although many people have been critical in some of their commentary today, no one has indicated outright that they will vote against the legislation.”
“This Bill represents a significant step in the State's post-crisis normalisation. It acknowledges the substantial work carried out by NAMA and the special liquidators of the IBRC and provides a clear and efficient structure to bring the remaining matters to completion. I commend the Bill to the House.”
“Schedule 3 provides for the amendment of statutory instruments. NAMA and the IBRC special liquidator have now substantially completed their mandates and are reaching the final stages of their life cycle. In that context, it is appropriate that any remaining matters, particularly litigation, are managed within a streamlined structure. This Bill provides a practical approach to achieving this, while ensuring continuity and legal certainty for all parties and preserving existing rights and obligations. The NTMA is well placed to take on this role. It has the governance, experience and expertise required to manage complex financial and legal matters to completion while avoiding the cost and duplication of maintaining separate structures that are no longer required given the reduced scale of the remaining activity.”
“Finally, sections 49Z to 49AD, inclusive, include a number of important supporting provisions, including those relating to payments to relevant persons; clarification that the NTMA is not deemed to be carrying on regulated banking business; powers of access to Land Registry documentation; interpretative provisions in respect of the Companies Act 2014; and offence provisions in respect of the provision of false or misleading information. The Bill also comprises three Schedules. Schedule 1 provides for a list of instruments to be repealed and revoked, as required, to update the Irish Statute Book following the dissolution of NAMA and amendment of the Irish Bank Resolution Corporation Act 2013. Schedule 2 provides for a list of instruments to be amended to remove redundant provisions and to update instruments where required.”
“Sections 49N to 49P, inclusive, confer the necessary powers on the NTMA to manage and dispose of relevant assets, including the ability to offset amounts owed against debts arising in connection with NAMA bank assets. Section 49Q provides that no cause of action arises solely by reason of the transfer of these residual matters to the NTMA. Sections 49R to 49T, inclusive, deal with legal proceedings, including the continuation of proceedings involving transferred assets, the provision of assistance by participating institutions and provisions to support the enforcement of debts. Sections 49U to 49Y, inclusive, provide for the appropriate use and disclosure of information necessary for the management of these assets, ensuring that such disclosures do not breach confidentiality obligations and remain subject to data protection law.”
“In relation to participating institutions, sections 49F to 49I, inclusive, provide that the NTMA may require the provision of books, records and information relating to transferred bank assets, including recourse to the High Court where necessary. These provisions also ensure that the NTMA assumes the rights and obligations of participating institutions in relation to those assets, subject to certain limitations, and is not liable for any wrongs committed prior to their acquisition by NAMA. Sections 49J to 49M, inclusive, provide for the preservation of existing rights and obligations attaching to bank assets, ensuring that contractual terms remain unchanged following transfer, while facilitating practical measures such as exempting the registration requirements in respect of security and certification of ownership of assets.”
“This means that the additional functions and powers provided to the NTMA to manage residual activity apply only to the management of the activity transferred from NAMA and the IBRC special liquidation and cannot be used by the NTMA for the performance of the functions of the agency more broadly. The remaining provisions in Part 4 also address a number of key matters necessary to support the effective management of these residual activities. Section 49D provides that the NTMA may return surplus funds to the Central Fund or transfer assets to the Minister. Section 49E clarifies that the Minister, directors, the chief executive, staff and agents of the NTMA will not be considered shadow or de facto directors of any participating institution, debtor, associated debtor or guarantor when performing functions under this Part.”
“Chapter 1 relates to the functions of the NTMA in relation to the residual matters transferred from NAMA and from the IBRC special liquidation. This includes key definitions which were relied upon in the NAMA Act 2009 and are to be preserved, such as associated debtor, bank asset, credit facility and participating institution. Section 49C sets out the NTMA's functions in relation to managing the residual activity transferred. These functions mirror NAMA's former functions and powers only to the extent necessary to complete remaining tasks. This includes that the NTMA shall take all steps necessary to protect, enhance or realise the value of the bank assets transferred. This section also provides that the NTMA may have the powers necessary for the performance of its functions under this Part of the NTMA Act.”
“Following the transfer of residual matters, the special liquidators will finalise the winding up of any remaining IBRC subsidiaries, complete any remaining administrative matters and take the steps required to complete the winding up of the IBRC and have it dissolved under company law. Turning now to Part 4, this Part amends the NTMA Act 2014 and provides the National Treasury Management Agency with the powers and functions it will need to manage the limited residual matters that will transfer from NAMA and the IBRC special liquidation. It does so by inserting a new Part 6A into the NTMA Act 2014. This Part is divided into 12 Chapters covering sections 49C to 49AD, inclusive, and I will briefly take the House through the purpose of these provisions.”
“Taken together, these sections provide for the Minister to direct the special liquidators and the NTMA to enter into a transfer agreement to transfer residual matters from the IBRC special liquidation to the NTMA. They also provide for the substitution of the NTMA in any proceedings transferred from the IBRC special liquidation to the NTMA. Where proceedings outside of the State are transferred, the transfer takes effect from the date that the relevant legal requirements in the jurisdiction concerned have been satisfied. These provisions also ensure the continuity of contracts relating to the residual matters transferred.”
“Section 13 provides that any claim arising from NAMA's performance of its functions prior to the dissolution day will lie against the NTMA and that the NTMA is substituted for NAMA in any legal proceedings. Section 14 provides that anything commenced and not completed by NAMA can be carried on by the NTMA. Section 15 provides for the preservation of any indemnity previously granted under section 34 of the NAMA Act 2009. Section 16 provides for the final accounts and final annual report of NAMA to be completed by the NTMA. Part 3 covers sections 17 to 20, inclusive, of the Bill. It amends the IBRC Act 2013 by inserting new sections 11A to 11D into that Act.”
“Part 1, preliminary and general, is comprised of sections 1 to 5, inclusive. These sections provide for standard legislative matters, including the Short Title, commencement provisions, interpretation, expenses, repeals and revocations. Part 2 is comprised of sections 6 to 16, inclusive, and provides for the dissolution of NAMA and the transfer of residual matters to the NTMA. Section 6 defines key terms for the purposes of this Part. Section 7 provides that the Minister for Finance will appoint a day to be the dissolution day of NAMA. Section 8 provides that NAMA shall stand dissolved on the dissolution day. Sections 9 to 12, inclusive, provide that all lands, property, rights and liabilities of NAMA shall be vested in the NTMA, the continuation of contracts and that all records held by NAMA are transferred to the NTMA.”
“As already set out, this Bill has three objectives, namely, to dissolve the National Asset Management Agency and transfer all of its remaining assets, liabilities, rights, obligations, records and causes of action to the NTMA; to enable the transfer of residual matters of the IBRC special liquidation to the NTMA, or a subsidiary of it, by way of a ministerial direction and transfer agreement; and to confer upon the NTMA the functions necessary to manage these combined residual matters to completion. The Bill also repeals the NAMA Act 2009, amends the NTMA Act 2014 and the IBRC Act 2013, and makes consequential amendments across multiple enactments and statutory instruments. The Bill is divided into four Parts with 54 sections in total, and includes three Schedules.”
“The NTMA is now ready to assume responsibility for this final phase. The agency has engaged closely with NAMA, the special liquidators and the Department of Finance as it prepares for the transfer of responsibilities. I acknowledge the contribution of NAMA, the NTMA and the special liquidators of IBRC in reaching this point. In particular, I recognise the leadership team in NAMA and the special liquidators. I also thank the Office of the Attorney General, the Office of the Revenue Commissioners, the Data Protection Commission, the European Commission and officials across government for the detailed work undertaken throughout the drafting process. I will now move to the text of the Bill.”
“Since then, the special liquidators have disposed of all assets; resolved the overwhelming majority of borrower relationships, asset disposals and cross-border legal issues; paid all unsecured creditors in full, including interest, in respect of amounts owed at the date of liquidation; returned approximately €1.7 billion to the State in respect of its claims and related holdings; delivered €470 million in distributions to the Exchequer, with further distributions expected prior to its final dissolution; and progressed the liquidation to its final stage, with only residual litigation and associated loan matters remaining. As with any liquidation of this scale, it is normal and expected that certain matters, particularly litigation, continue for some time beyond the active disposal phase.”
“The Irish Bank Resolution Corporation was placed into special liquidation on 7 February 2013. At inception, the special liquidators were tasked with realising a loan portfolio valued at €21 billion, comprising more than 15,000 borrower groups and collateral spread across 22 jurisdictions. The scale and complexity of this liquidation were unprecedented in the State's history.”
“ft of commercial space and more than 2,000 homes; and the transfer to the LDA of the National Asset Residential Property Service, NARPS, portfolio of social homes, as well as two large development sites, which the LDA believes can deliver more than 7,000 homes. Throughout its life, NAMA has operated within a strong statutory, governance and accountability framework. From a peak of 369 staff, it is now expected that just eight staff members will be required within the NTMA to manage the remaining residual activity to completion. NAMA is widely recognised internationally as one of the most successful State-backed asset management agencies established in response to the global financial crisis. It played a key role in restoring confidence in the Irish economy.”
“They include the redemption of €30.2 billion in senior debt in 2017, three years ahead of schedule, thereby eliminating a major contingent liability for the State; the full repayment of its €1.6 billion in subordinated debt by 2020, leaving the agency fully debt free; a lifetime contribution of €5.6 billion to the Exchequer, comprising €4.7 billion in cash, more than €450 million in corporation tax and the transfer of assets valued at €425 million to the Land Development Agency, LDA, for retention in State ownership; facilitating the delivery of more than 44,500 homes, including approximately 3,000 social homes; the regeneration of the Dublin Docklands strategic development zone, SDZ, supporting the delivery of over 4.2 million sq.”
“NAMA was established in 2009 as part of the State's response to the financial crisis. It acquired loans with a par value of €74 billion for a consideration of €31.8 billion, including €5.6 billion of State aid to the five participating financial institutions. The value of the residual portfolio to transfer to the NTMA is projected to be less than €25 million. That demonstrates the progress of NAMA in resolving its acquired portfolio. Over its lifetime, NAMA has delivered significant outcomes for the State.”
“Taken together, these measures mark an important milestone in bringing to a conclusion two interventions that were central to stabilising the financial system and protecting the wider economy following the global financial crisis. Since then, both NAMA and the IBRC special liquidators have worked through complex portfolios and litigation. The Bill reflects that the very substantial work of both is now largely complete. While recognising the challenges of the period that led to these interventions, it is also important to acknowledge the substantial and diligent work carried out by NAMA and the special liquidators in the interests of the State. Therefore, before turning to the detail of the legislation, I will outline the extensive work undertaken over many years by both NAMA and the IBRC special liquidators.”
“On that day, any remaining NAMA activities will transfer to the NTMA. The Bill also provides for the transfer of residual matters from the IBRC in special liquidation to the NTMA. This will take place by way of a ministerial direction and a transfer agreement to be entered into by the special liquidators of the IBRC and the NTMA. Once that transfer has taken place, the special liquidators will finalise the liquidation of the IBRC in line with their obligations under company law, including the dissolution of remaining IBRC subsidiaries and the resolution of any outstanding administrative and tax matters. In order to ensure the NTMA can manage this combined residual activity effectively, the Bill also confers on the NTMA the necessary functions and powers to undertake that work.”
“I move: "That the Bill be now read a Second Time." I am pleased to introduce, on behalf of the Tánaiste, Second Stage of the National Treasury Management Agency (Miscellaneous Provisions) Bill 2026. The legislation marks an important step in bringing the National Asset Management Agency, NAMA, and the special liquidation of the Irish Bank Resolution Corporation, IBRC, to a close. It provides for the transfer and consolidation of the remaining activities of both NAMA and the special liquidation of the IBRC within the National Treasury Management Agency, NTMA, thereby ensuring continuity and legal certainty for all parties and enabling the orderly wind-down and dissolution of both entities. To give effect to this, the Bill provides for the dissolution of NAMA on an appointed dissolution day.”
“That is why it is not just resting within the Department of Finance. It is a cross-governmental Cabinet sub-committee where we have enterprise, finance, public expenditure and justice all working together to maintain momentum, complete the remaining actions and ensure that reform is reflected not only in legislation and policy but where it really matters for practical outcomes for consumers, businesses and communities.”
“In that regard, the statutory right to be forgotten provision for cancer survivors was a very important development this year. We are moving from a voluntary code to a statutory footing and the Government is providing greater certainty and consistency for consumers who have completed treatment and are in remission. This is a reminder that insurance reform is not solely about market efficiency; it is also about fairness, dignity and the removal of unnecessary burdens. It is fair to say, therefore, that progress has been made under the previous action plan. Progress is being made under this current action plan, which is less than 12 months old. However, I do recognise that the work is incomplete; more needs to be done. The challenge is for me and the whole of the Government.”
“Lloyd's Lab is a ten-week product development accelerator by Lloyd's of London designed to rapidly develop tests and refine new products, concepts and solutions. This year's iteration of the lab will work on Irish-focused themes, such as flood resilience and coverage, cyber resilience, artificial intelligence and export finance. Collaborating with the Lloyd’s Lab Accelerator will contribute to innovation, allow for partnership with a significant stakeholder in the international insurance market and highlight Ireland as a leading destination for insurance innovation during Ireland’s Presidency of the European Council in 2026. It is also important to recall the broader reform agenda, which includes questions of fairness and access to financial protection.”
“I am working with the Ministers of State, Deputies Moran and Cummins, in relation to signing an agreement that will give confidence that where those measures are in place, there is responsibility to implement those measures and that insurance companies will then look at putting cover in place where permanent flood defences have already been put in place. I am hoping to make progress on that this year. Officials in my Department are currently examining a specific Irish market option in relation to areas where there are no defences in place. The role of innovation will be important, including Ireland's hosting of a Lloyd’s Lab Accelerator cohort this year. Innovation has an important role to play in strengthening resilience and supporting market development.”
“To the point in relation to the mutual offering, that is certainly something I am happy to look at in greater detail, as Senator Higgins suggested To be fair to IPB Insurance, we have met its representatives on a number of occasions and it is hopefully seeking to expand its appetite too. It is governed by a board that looks prudently in terms of all new cover that it will extend. Flood insurance has been raised a number of times. Certainly, I have huge frustrations in terms of areas where the State has spent tens of millions of euro rolling out flood defence measures and those areas still being without adequate flood cover.”
“We are a small market in a global context, however. If someone was looking to enter into a new market, there are cities in the world that are bigger than the whole Irish market where we already have multiple players in place. We did achieve a number of new entrants in the last number of years and we will continue to try to promote new entrants into the market while working with the Industrial Development Authority, IDA, and working with existing players that are there now to expand their offering and their risk appetite. It is fair to say a number of players have expanded their risk appetite in the last number of years.”
“They have sneaked up in the last two years but motor insurance premiums are still 24% lower today than in 2016. In the past two years they have started to increase but in the last four months they have shown a reduction again. That is why the transparency code has been introduced, namely, to bring clarity to the matter and to inform the consumers in order that they are able to get better value for their money. Another point I would make is that we are working as a Government to try to attract more players to the market. If the market was so lucrative and there was so much money to be made, would people not be falling over themselves to get into the market? That is not giving carte blanche apologies for the insurance industry. I am not apologetic for the insurance industry and Senator Nelson Murray will know that.”