Financial Services
Seanad Éireann — 2026-01-28
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Robert Troy (FF), Longford-Westmeath

I thank the Senator for raising this issue. The Government is committed to supporting Irish people when they return from abroad to work. In relation to the specific issues raised by the Senator about access to mortgage and insurance products, it is important that fair and reasonable access to financial services and products is available for all. However, there are also important consumer protection and prudential requirements associated with the provision of such financial products to consumers. These measures are in place to protect both consumers and the financial system. It is important they are applied in a manner that is fair and consistent for all consumers.
In relation to mortgages, the Central Bank of Ireland has put in place macroprudential measures for residential mortgage lending. These measures apply proportionate loan-to-value and loan-to-income limits for mortgage lending by regulated financial service providers. The key objective of these measures is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of credit issues developing in the future. Mortgage lenders are also subject to requirements to ensure customers have the capacity to repay credit advanced to them. From an affordability perspective, before providing a mortgage, lenders are required to undertake a creditworthiness assessment to ensure a borrower will be able to repay the mortgage. This assessment takes into account the individual circumstances of the borrower.
In addition, the Central Bank of Ireland’s consumer protection code requires lenders to assess affordability of credit and the suitability of a product or service based on the individual circumstances of each borrower. The code specifies that the affordability assessment must include consideration of the information gathered on the borrower’s personal circumstances and financial situation. Given that mortgage lending constitutes a very large part of the overall credit and banking system, it is important that these consumer protection and macroprudential measures are applied in a fair and comparable way across the system. It is important to note that mortgage and car insurance providers determine their commercial underwriting criteria for accepting applications. How risk factors are applied to insurance policies is a matter for each insurer. Neither the Government nor the Central Bank of Ireland has any role in these matters.
Insurance Ireland, the industry body for insurers in Ireland, has confirmed that its members will take overseas driving experience into account as long as the driver can provide proof of claims-free driving experience abroad. I understand that motor insurers will take a no-claims history into account from the EEA, the UK, Switzerland, Australia, New Zealand, Japan, Canada, South Africa and the USA. Regarding health insurance, the rules governing open enrolment, community rating, lifetime cover and waiting periods are set down and overseen by the Health Insurance Authority under the health insurance Acts. The Health Insurance Authority also administers provisions relating to those who have lived abroad, such as credits that can reduce lifetime community rating loadings upon return. I hope this information is of use to the Senator.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2026-01-28/debate/main
Retrieved: 2026-08-14T04:54:33+00:00
Sitting date: 2026-01-28