30 Nov 2016, 12.54

Rising business insurance costs will also be discussed in a separate session

30th November 2016

The Committee on Finance, Public Expenditure and Reform, and Taoiseach will meet tomorrow, Thursday 1st December 2016 at 9:30am to resume its discussion of matters relating to the banking sector with Mr. Gerry Mallon, CEO of Ulster Bank.

At 12:15pm, the Committee will meet with the Irish Vintners Association to discuss the rising cost of business insurance with Mr Padraig Cribben, Chief Executive Officer, Vintners Federation Ireland; and Mr Donall O’Keeffe, Chief Executive Officer, Licensed Vintners Association.

Committee Chairman John McGuinness TD, said, “The Committee’s engagement with Mr. Mallon will allow us to explore his vision for Ulster Bank. In light of last week’s decision by the Central Bank to remove the €220,000 cap on mortgage lending for first-time buyers, Committee Members are likely to focus on the banking industry’s reaction to this significant change to mortgage lending rules. Ulster Bank also announced last week that it is to become the first major bank to pay out a dividend since the financial crash. Members will wish to discuss the bank’s balance sheet and how well-positioned is to continue to support customers.”

“In the second session of the meeting, we will examine the rising costs of business insurance. SMEs across Ireland are seeing huge spikes in the cost of premiums. Having just last week published a report on the prohibitive cost of motor insurance; the Joint Committee is now keen to turn to an area where insurance providers are squeezing business owners and operators. It is incumbent on us all to support Irish businesses and addressing the spiralling costs of insurance is an important part of that.”

Committee proceedings can be viewed live here.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

ENDS/




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Committee membership

Deputies

Fine Gael

Sinn Féin

Fianna Fáil

Fianna Fáil

Anti-Austerity Alliance - People Before Profit

Senators

Fine Gael

Fianna Fáil