Willie Penrose
Ceist:63 Mr. Penrose asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will order an investigation of the sale of alleged tax evading assurance products at National Irish Bank. [4105/98]
Written Answers. - National Irish Bank.
Pat Rabbitte
Ceist:67 Mr. Rabbitte asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will use the powers available to her under the Companies Acts to appoint an authorised officer to investigate the affairs of the National Irish Bank in view of her comments of 25 January 1998 that disclosures regarding the firm were very disturbing; and if she will make a statement on the matter. [4059/98]
I propose to take Questions Nos. 63 and 67 together.
As the Deputies are aware, the allegations of tax evasion in connection with the sale of insurance products through National Irish Bank are currently the subject of official investigations by both the Central Bank and the Revenue Commissioners. My Department's responsibility in the matter is to ascertain whether any breaches of insurance law or, possibly, company law have occurred. In that regard, I sought detailed information on 27 January 1998 from National Irish Bank on a number of points. The bank replied to my letter on 29 January 1998 and the matter was referred for legal advice.
I am awaiting that legal advice, before deciding what further action may be appropriate under the Insurance Acts and-or the Companies Acts, including whether it may be necessary to appoint an authorised officer from my Department to conduct further investigations.