Dáil Éireann Debate, Tuesday - 17 February 2009
188 Deputy Joan Burton asked the Minister for Finance the date and circumstances on which he first became aware, whether formally or informally, of anomalies at a group (details supplied) now a matter of public record to a very limited extent, with respect to the inappropriate use of funds by the chairman to fulfil financial obligations relating to speculation on the stock market; and if he will make a statement on the matter. [6323/09]
View answerInvestigation of this issue was a matter for the Financial Regulator, who has as the Deputy is aware, imposed by settlement a penalty on both the company concerned and its Chairman. As the Financial Regulator has not disclosed the details of its investigation it would not be appropriate for me to comment. I was not, and would not expect to be, involved in the conduct of such an investigation. However, where matters are likely to give rise to a financial stability issue these can be brought to my attention as part of the arrangements between my Department, the Central Bank and the Financial Regulator for this purpose.
