Ciarán Cuffe (Dún Laoghaire, Green Party)
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Question 19: To ask the Minister for Finance the position regarding reports made into the activities of a company (details supplied). [2589/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The company in question is currently in receivership and an administrator has been appointed to administer the client assets of the company. I am informed by the Irish Financial Services Regulatory Authority, which sought the appointment of the receiver, that the receivership is ongoing. The Deputy will appreciate that I have no function in regard to the receivership or the administration of the company.

In April 2004, my predecessor decided to set up two working groups to examine the lessons arising from the collapse of the said company. One group is examining the key issues identified in regard to the funding of the investor compensation scheme, while the second group is considering any implications for the financial regulatory and legislative framework. The working groups operate under the chairmanship of my Department and the membership of the groups is drawn from a wide range of governmental, industry, regulatory and consumer protection interests. I understand that the working groups intend to submit their report to me shortly.