Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I am sure those who have lost their life savings will be relieved that the Tánaiste sympathises with them but what they would rather have seen is action. In 2016, it was not a secret that the Central Bank was raising concerns regarding the high-risk loan notes and, indeed, Wealth Options. This was reported in the Irish Independentin 2016 by Mr. Charlie Weston and I am sure officials in the Department of Finance read the Irish Independent. If Mr. Weston was able to report it, I am sure the Department of Finance would be aware of it.

The problem is these are ordinary individuals. The brokers went to these individuals and told them to take their money out of pension investments that were regulated and put it into these type of products because the brokers were getting commission of more than 20%. These are unregulated products and they have lost their life savings. In some cases, they have been told that the investments are secured against properties that do not exist in Germany. In one case, a foreign individual was told that the folio number he has is in a location in Germany and when this was followed up, it is a German Army base.

Is it the Tánaiste's view that the Government will regulate these products and bring this area into light? The Tánaiste cannot say that it is nothing to do with the Government. It is Government that allows for regulation of this type of activity. Are we going to bring an end to this unregulated activity, which has sacrificed so many people's pensions up until now?

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