I would like to raise the issue of insurance costs and the unending upward spiral of premiums for business, farm, household and motor insurance.

Following pressure by a number of bodies, including Fianna Fáil, a working group was established to investigate the matter. It concluded its work in January 2017 and made several key recommendations which, in its qualified opinion, were necessary in order that the rising spiral of insurance premiums could be tackled once and for all. I am disappointed to say that, over one year later, we are still waiting for key recommendations to be put in place in several areas. One concerns the establishment of a database of uninsured drivers who were involved in approximately 2,700 accidents in 2017. As insured drivers know, we are all paying for uninsured drivers. It is shameful that one year after it was made we are still awaiting implementation of the recommendation of the expert group that there be a database of uninsured drivers. As the Leader will agree, this is a very serious issue. People are at the end of their tether with year-on-year increases in insurance premiums. I ask him to use his good offices to ensure the recommendations of the expert group will be implemented immediately in order that people will see some reduction in their premiums, rather than being fearful of year-on-year increases.

I endorse what was said by Senator Catherine Ardagh about the need for urgent action on the proposed sale of mortgages and small business loans by banks to what are commonly known as vulture funds. A couple of things must be remembered in that regard as there are two sides to the story. Some people over-extended themselves and owe money which they should be required to pay, if they have it. However, we should not forget the circumstances in which the credit in question was extended to many people. They were extended credit at a time when loans up to 110% of the value of their property were available and in a vastly overheated property market. The banks were chasing people to take out loans. We have not forgotten the letters that arrived unsolicited through our letter boxes offering us cheap credit here, there and everywhere.

I was offered €30,000 to buy a boat.

Indeed. The boat the Senator already had was quite adequate.

I sailed on it very nicely.

I hope the parties to the confidence and supply agreement will come to an agreement on the issue. I am fully in favour of a reasonable, rational approach to working out how ordinary owners of small and medium-sized enterprises and homeowners can be properly protected. The public should be informed of the nominal value of the loans being sold and the consideration received for them, particularly in the case of banks which were aided by public money. In other words, there should be a clear indication of the extent of discounting------

Absolutely.

------which lies at the heart of this transaction because if it is in the order of 20% or 30%, as a community, we should ask ourselves if we resuscitated the banks in order to allow a group of private enterprise companies from outside the country to make up the 70% difference by putting pressure on people. I hope that whatever accommodation is reached by the two parties to the confidence and supply agreement will facilitate the public in being entitled to know the extent of the discounting taking place.