Kathleen Lynch (Cork North Central, Labour)
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Question 544: To ask the Minister for Finance if his attention has been drawn to the fact that the European Parliament has set up a special committee of inquiry into the near collapse of a company (details supplied); if his attention has further been drawn to the fact that 6,500 Irish investors in the company have had their pension values seriously reduced due to the difficulties in this company; his views regarding the appointment of an investigator to represent the interest of Irish persons in this matter and who will work with the European Parliament's committee of inquiry; and if he will make a statement on the matter. [1878/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I have noted the establishment of a special committee of inquiry by the European Parliament referred to by the Deputy. I understand that the committee will report on its findings within 12 months but will publish an interim report after four months. As the Deputy will be aware, the supervision of a United Kingdom based entity is the exclusive responsibility of the United Kingdom regulator.

The Financial Regulator has, however, actively assisted Irish policyholders affected by developments in the company referred to by the Deputy by requesting information from the United Kingdom authorities and passing any information it received onto Irish policyholders. My Department has been informed by the Financial Regulator that the regulator will inform Irish policyholders of any new information that comes to its attention that may be of assistance to them. The question of appointing an investigator or other individuals to represent the interests of particular classes of policyholders is a matter for the committee to decide within its own rules of procedures and those of the European Parliament.