Dáil Éireann Debate, Thursday - 3 February 2005
107 Mr. O’Shea asked the Minister for Finance his proposals to meet the concerns of a person regarding possible fraud in the banking industry (details supplied); and if he will make a statement on the matter. [3274/05]
View answerI am aware of recent reports about endowment mortgages. However, the investigation of these reports is a matter in the first instance for the Irish Financial Services Regulatory Authority, IFSRA, which is statutorily independent in the carrying out of its regulatory functions. In 2004, IFSRA wrote to all lenders and insurers seeking information on their endowment businesses. The information requested included details of, inter alia, the number of endowment policies currently in force, the number of policyholders likely to be impacted by shortfalls and requested details of the steps institutions are taking to inform and advise their customers of options available where a shortfall is projected.
Responses have now been received from the institutions surveyed. The process of compiling and analysing the information submitted is currently under way with a view to ascertaining a clearer picture of the nature and extent of the shortfall problem. When the information has been analysed, IFSRA will consider what appropriate action should be taken.
