Motorists getting raw deal is not acceptable
The Central Bank, the financial watchdog of the citizens of this country, has found itself accused in the recent past of being more of a champion of the commercial banks than of their customers.
Yesterday, the Consumers Association called for its regulators to go before an Oireachtas Committee to account for their failure to act on another crisis, this time concerning motor insurance costs. Michael Kilcoyne, on behalf of the association, says it is disappointing that the Central Bank was encouraging insurers to hike their premiums to stem losses. "Disappointing" is a mild way of putting it, and those like the young man we report on today who was offered a quote of €14,000 might put it more colourfully.
Just as we bailed out the banks, drivers have also been paying for the losses at Quinn Insurance with a levy of 2pc on their policies. It seems every time a major financial institution or trader fails, the bill is handed down to the public.