Vol. 323 No. 7
asked the Minister for Finance (a) whether any investigation has been undertaken by his Department into the operations of a company (details supplied); (b) if not, if any investigations will be initiated, arising out of the allegations made recently by a former employee of the company; (c) if his Department were aware of these allegations prior to their appearance in a newspaper (details supplied); and if he will make a statement on the matter.
19.
asked the Minister for Finance whether he intends to reconsider the position of a company (details supplied) as Government stockbrokers; and if he will make a statement on the matter.
20.
asked the Minister for Finance whether any review has been made of the operations of a company (details supplied), between the commencement of their operations as Government stockbrokers and the recent controversy; and if he will make a statement on the matter.
: With the permission of the Ceann Comhairle, I propose to take Questions Nos. 18, 19 and 20 together.
My Department received a copy of the allegations made against the firm at the time the original complaint was made to the Stock Exchange and were informed by representatives of the exchange on 1 May 1980 that they had decided to carry out an investigation. A proposal from the Stock Exchange that the Government defer any action on the allegations pending the outcome of their investigation was accepted on condition that a copy of the full report of the investigation would be made available to me. Following the receipt of the report, including the evidence given to the investigating committee and the findings of the Council of the Stock Exchange, my Department sought and were furnished, by the senior partners of the firm, with detailed explanations of matters disclosed in the evidence to the committee.
It is the practice to have regular discussions with the senior partners of the firm on developments in the market for Government securities and their function as the Government stockbrokers. The present appointment of the firm is for a period of three years expiring on 31 December 1981, and, in accordance with the normal practice for Government appointments, there will be prior review of future arrangements.
