Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

The answer to that is that as time goes on, there will be increased funding from the financial institutions. When the office of the Financial Services and Pensions Ombudsman was set up, the contribution from the State was around €960,000. The funding allocated is decreasing because the funding to that office from Financial institutions is increasing commensurately. Like the regulation of the banks, we have moved from the situation years ago in which the taxpayer would carry the burden. Now the financial institutions bear the full cost of financial regulation. Similarly, in relation to the Financial Services and Pensions Ombudsman, financial institutions will pay an increased percentage of the cost of running the office, and the cost to the taxpayer, through the Vote from the Department, will continue to reduce. It is not a reduction in service, but a reduction in the funding method.