Thursday, 1 February 2018

Ceisteanna (71)

Catherine Murphy


71. Deputy Catherine Murphy asked the Minister for Finance if his attention has been drawn to the fact that when a company bought shares in a bank (details supplied) in 2013 it had access to loan-loss data that was not available to other retail shareholders in view of the fact that it was the bank's policy at the time not to reveal all losses to shareholders; the steps that were taken to avoid the potential for insider trading to have occurred during that transaction; and if he will make a statement on the matter. [5011/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I can confirm for the Deputy that my attention has not been drawn to any such scenario as described in this question.

In relation to the Deputy's assertion that it was the bank's policy not to reveal all losses to shareholders, I would highlight that the rules relating to the correct level of provisioning, and consequent losses, are determined by the relevant accounting standards. It is the responsibility of the board of the bank to ensure that these rules have been properly applied and that this is subject to external audit review.  Nothing has been brought to my attention to suggest that the bank has not applied these rules correctly.

Finally, the Deputy has asked what steps were taken to avoid the potential for insider trading. As a publicly listed company, the bank is required to comply with all Market Abuse regulations and I am not aware of any issues in this regard. However, should the Deputy have concerns, she should contact the Central Bank of Ireland which is the appropriate authority to investigate such a matter.