Dáil Éireann Debate, Thursday - 24 February 2005
20 Mr. Crowe asked the Minister for Enterprise, Trade and Employment if, in order to aid competitiveness by lowering insurance costs for both businesses and motorists, his Department is considering bringing forward proposals for the establishment of a State insurance company; and if he will make a statement on the matter. [6141/05]
View answerFollowing the establishment of the Irish Financial Services Regulatory Authority, IFSRA, on 1 May 2003, I no longer have responsibility in relation to the supervision and regulation of insurance undertakings. The Irish Financial Services Regulatory Authority, IFSRA, under the aegis of the Minister for Finance now holds responsibility for practically all of the financial services industry, including insurance.
My Department is not considering bringing forward proposals for the establishment of a State insurance company. Financial services generally are a matter for the Minister for Finance. I am not aware of any plans in this regard. I understand, however, that State funding of an insurance company would raise state aid issues under EU rules.
