Proinsias De Rossa
Ceist:53 Proinsias De Rossa asked the Minister for Finance the steps being taken to deal with the growing practice of foreign investment firms seeking investments here without authorisation; [4656/01]
Written Answers. - Foreign Investment.
The practice of foreign investment firms seeking investments without appropriate authorisation has been a persistent problem in recent years. The supervisory authority is the Central Bank of Ireland. The bank informs me that it has been tackling the problem by: issuing notices in national newspapers warning the public about particular firms which have come to its attention – since mid-1998 the bank has named 59 firms in 29 notices; the issuance of a number of general warning notices in the media advising the public to ensure they only deal with properly authorised firms – the public can check if they are dealing with an authorised firm by calling the bank on a designated lo-call number which it has established, 1890 200 469; and by working with foreign regulatory authorities in the jurisdiction from which an unauthorised firm is operating. The problem has been raised by the bank at European level, in the Forum of European Securities Commissions Organisation in order that a European approach can be taken to this shared problem.
I understand also that the bank's press office has been active in ensuring this issue has been highlighted in newspaper articles and on radio programmes on a regular basis.