Brian Cowen (Laois-Offaly, Fianna Fail)

The specific information the Deputy seeks on the amount that can be borrowed and the numbers of institutions involved is not immediately available to me but I will make it available to her. With regard to the point on companies linked to money laundering and the allegations in regard to IRA criminal activity, the main purpose of the financial regulator's supervision of financial services providers is the stability of the financial system and the protection of individuals who entrust financial institutions with their money. While the financial regulator has a general obligation to support other State agencies such as the Garda and the Revenue Commissioners by providing them with reports on relevant matters which come to its attention in the course of its activities, this role is a supportive one.

The Criminal Justice Act 1994, as amended, provides, among other things, for the offence in law of money laundering and includes measures to counteract money laundering, which includes the concealment, disguise, conversion, transfer or removal from the State of any property, including money, which is or represents the proceeds of criminal activity. The obligation of clients of financial institutions in general therefore applies also to non-deposit-taking mortgage lenders. The obligations also apply to auditors, accountants, tax advisers and lawyers. The financial regulator is even obliged to report any suspicions it may form in regard to a body supervised by it to comply with the identification, records and reporting requirements.

The Office of the Financial Services Ombudsman, which commences operation on 1 April, will have extensive powers to investigate complaints and order redress where a customer has been unfairly treated, and such redress could include a direction to change a practice complained of and award financial compensation. This is the avenue we should explore and on which I hope to make decisions before 1 April.

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