Financial Services Regulation

Dáil Éireann Debate, Wednesday - 3 October 2012

Wednesday, 3 October 2012

Ceisteanna (56)

Shane Ross

Ceist:

56. Deputy Shane Ross asked the Minister for Finance if he will advise an increase in the compensation figure of €20,000 from the Investor Compensation Company Limited to €100,000 to match the guarantee for bank deposits; if they will backdate it to the same date for the introduction of the guarantee for bank deposits in order that clients of Custom House Capital can be compensated for the lack of supervision and regulation of the Financial Regulator / Central Bank of Ireland; and if he will make a statement on the matter. [42236/12]

Freagraí scríofa

Minister for Finance

The basic requirements for investor compensation schemes are laid down in the EU Investor Compensation Directive, which has been transposed into Irish law as the Investor Compensation Act 1998. The Directive, including the level of compensation across the EU, is currently being reviewed by all Member States at EU level. A formal Commission proposal, published in 2010, is still under negotiation. The scheme currently in operation in Ireland, administered by the Investor Compensation Company Ltd., is funded from industry.