Eamon Ryan
Question:44 Mr. Eamon Ryan asked the Minister for Finance the investigations being pursued by his Department in relation to the collapse of a company (details supplied). [8979/04]
View answerTuesday, 23 March 2004
Questions (55)
Written answers
I understand a Garda investigation is ongoing in relation to the company to which the Deputy refers. As the Deputy will appreciate, I am unable to give any details as to the progress of that investigation.
As regards the policy-legislative issues arising from the collapse of the firm, it is clear that careful and detailed examination of all aspects will be required before any such action is taken. In that regard, I have decided to set up three working groups to examine the issues arising from the case. These groups will investigate the relevant areas of legislation, including company and trust law, funding for compensation and financial regulation. The groups will comprise officials from my Department and the Department of Enterprise, Trade and Employment as well as representatives from the Irish Financial Services Regulatory Authority and the Investor Compensation Company Limited. I also intend to invite representatives from relevant financial service industry bodies.
The terms of reference for these groups are being finalised and I expect they will begin their work in the coming weeks. While no date has yet been agreed for completion of their examination of these issues, I envisage that the working groups will report back to me with their recommendations within a matter of months.