There is also work underway to reduce the impact of fraudulent claims and uninsured driving. The Irish non-life market is served by firms authorised in Ireland and elsewhere in the European Union. Indeed, this provision of service from abroad is an important element of the market in Ireland, as it facilitates: greater competition, lower premiums than otherwise would be the case; and greater choice.
For the time being, therefore, it is important that the Bank concentrate all its efforts on achieving the goal contained in the existing commitment. When extricating itself from an unusual financial environment as at present, the Bank should be fully aware of the risk that expectations regarding financial market developments, such as the outlook for long-term interest rates, may become unstable.