Gay Mitchell (Dublin South Central, Fine Gael)
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Question 58: To ask the Minister for Finance if his Department or any agency under its aegis is carrying out an investigation into companies (details supplied); and if he will make a statement on the matter. [7181/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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My Department is not carrying out an investigation into any of the companies named. Since this is an operational matter, it is for the Revenue Commissioners to decide what action should be taken in cases that come to their attention. For operational reasons it would not be appropriate to comment further.

The role of the Minister for Finance in regard to financial regulation is to bring forward legislative proposals whereby the duly empowered financial regulator, IFSRA, can supervise and regulate the financial sector in accordance with those powers. IFSRA is independent in the exercise of its powers.

I am, however, open to making suitable amendments to the law if the need arises. In this regard, I have asked the financial regulator to advise me as soon as possible if anything emerges from recent developments in regard to asset-based lending that would require legislative change. The forthcoming Bill to consolidate and modernise our financial services legislation will offer a suitable vehicle for such amendments.