Brian Cowen (Laois-Offaly, Fianna Fail)
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The Irish Financial Services Regulatory Authority, IFSRA, is statutorily independent in the carrying out of its regulatory functions and I have no involvement in its day to day activities. However, I am advised that in 2004 IFSRA wrote to all lenders and insurers seeking information on the their endowment businesses. The information requested included details of, inter alia, the number of endowment policies currently in force, the number of policyholders likely to be impacted by shortfalls and requested details of the steps institutions are taking to inform and advise their customers of options available where a shortfall is projected.

Responses have now been received from the institutions surveyed. The process of compiling and analysing the information submitted is currently underway with a view to ascertaining a clearer picture of the nature and extent of the shortfall problem. When the information has been analysed, IFSRA will consider what appropriate action should be taken.