Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

In his response the Minister has confirmed the endowment mortgage issue affects some 90,000 policyholders. Has he any information at this point on the number of people who believe they have been mis-sold a policy in this regard who have come forward as a result of the invitation or appeal to do so by the Consumer Director, Mary O'Dea? Is the Minister in a position to confirm that the cases presenting would be included in IFSRA's ongoing examination of the endowment loan shortfalls? I expect that they must be included.

Can the Minister indicate whether he has given any further consideration to measures, legislative or otherwise, that might be necessary to tighten up this area, given that there are undoubtedly people who are suffering and are continuing to suffer as a result of the shortfalls experienced? Does he believe this area should be more tightly regulated? Is there not a case for restrictions on the types of mortgages that can be sold to customers or consumers? Experience of the product indicates that this is a particular area which needs better protection for consumers and tightening of the regulations applying to the financial institutions.

The Minister implied in his reply that he is unlikely to take steps in advance of the IFSRA report. Will he confirm whether, following the report and having given it his full consideration, he will be open to considering the recommendations of IFSRA and to taking the substantive and appropriate steps necessary?

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