Joan Burton (Dublin West, Labour)

Is the Minister of State aware of the statement made to me by the Governor of the Central Bank at the Joint Committee on Finance and the Public Service this afternoon that until 1996 or 1997, Allied Irish Banks Investment Managers, AIBIM, was an unregulated entity? Has the Minister any plans to order a look-back in respect of such unregulated entities in the banking sector such as AIBIM, which handles the pension funds of many workers, as do similar subsidiaries of other banks? Will the Minister intervene to ensure a look-back takes place in respect of the activities of these unregulated entities, as described by the Governor of the Central Bank, and what are the taxation implications? Apparently, the Central Bank had no knowledge of Faldor because it was a vehicle connected to an unregulated entity. That is an astonishing disclosure.

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