Richard Bruton (Dublin North Central, Fine Gael)
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Question 31: To ask the Minister for Finance if he is satisfied that the remit of the financial service ombudsman is confined to business transactions of business that do not exceed €3 million in turnover; if he will consider that the ombudsman role should be extended to larger businesses; and if he will make a statement on the matter. [17502/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Under the Central Bank Act 1942 (as amended), the power to make regulations concerning the remit of the Financial Services Ombudsman resides with the Financial Services Ombudsman Council, subject to the consent of the Minister for Finance.

In 2005 the Financial Services Ombudsman commenced operation in place of the former voluntary schemes. Statutory Instrument number 190 of 2005 expanded the new statutory scheme to incorporated bodies with a turnover of €3 million or less. The Financial Services Ombudsman Council has advised my Department that the proposed limit of €3 million took account of the voluntary schemes that had been subsumed into the new statutory scheme. The Council has also advised my Department that it does not see any need to increase the turnover limit at present but that it intends to keep this issue under regular review.