Dáil Éireann Debate, Thursday - 27 January 2022
180. Deputy Colm Burke asked the Minister for Finance if he has been in communication with the Central Bank and the other regulatory authorities in relation to the losses incurred by those who invested in a fund (details supplied) and who for financial, business or other personal reasons could not participate in litigation against the bank; and if he will make a statement on the matter. [4111/22]
View answer181. Deputy Colm Burke asked the Minister for Finance the action the Central Bank and the other regulatory bodies have or propose to take against a bank (details supplied) and the relevant officers of the bank resulting from a settlement; and if he will make a statement on the matter. [4112/22]
View answerI propose to take Questions Nos. 180 and 181 together.
I thank the Deputy for his questions. Officials from my Department contacted the Central Bank of Ireland and received the following response:
"The Central Bank intervenes, within the scope of its regulatory mandate, to ensure the interests of consumers and investors are protected by focusing on the issues that pose the greatest potential or actual risk of harm to consumers and investors. We require firms to put things right where they have made errors or cause consumer or investor harm, and through our continuing supervision of firms, we monitor the investigation and provision of redress and compensation for consumers and investors, where appropriate.
"We are aware of the decision by AIB to establish a programme to review all investments in the Belfry Funds on a case-by-case basis to determine if redress may be due in certain instances, as per its disclosure, which states inter alia “The Group has instigated a programme, which is ongoing, to review all investments in the Belfry funds on a case by case basis and to determine if redress may be due in certain instances.” All investors are included in the review without any action required by them at this time. AIB has written to all investors and has committed to communicating with them throughout the programme to advise on progress and the outcome of the review.
"As you will be aware, due to supervisory confidentiality obligations under national legislation (Section 33AK of the Central Bank Act, 1942) and EU law, we are unable to provide you with any information about our specific supervisory engagement with individual firms. However, please be assured that we have made clear our expectations of all regulated firms, that consumers and investors are treated in a fair and transparent way, and that firms fully comply with both regulations and our supervisory expectations. If consumers or investors have queries in relation to their Belfry Funds, they should contact AIB directly at belfryenquiries@aib.ie."
