Mary Upton (Dublin South Central, Labour)
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Question 74: To ask the Minister for Enterprise, Trade and Employment if he received a request for a meeting with the European Parliament's Temporary Committee of Enquiry into the Crisis of the Equitable Life Assurance Company for their visit here of 6 October 2006; if so, if this invitation was accepted or rejected; the reason therefore; and if he will make a statement on the matter. [32055/06]

Micheál Martin (Cork South Central, Fianna Fail)
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I can confirm that I received a request for a meeting with representatives of the European Parliament's Temporary Committee of Enquiry into the Crisis of the Equitable Life Assurance Company for their visit here of 6th October 2006. A response to this request issued through the Irish Permanent Representative to the European Union on the 19th September 2006.

The response conveyed my regrets that, because of prior commitments, I was unavailable to meet with the delegation on Friday 6th October, and that while I would be happy to provide any assistance which I can to the Committee, I could not see how I could be of any assistance to the Committee's enquiries having regard to the position outlined below.

The response advised that on foot of the Central Bank and Financial Services Authority of Ireland Act 2003, prudential supervision of the insurance sector and the services provided moved in its totality from the Department and Minister for Enterprise Trade and Employment to the Irish Financial Services Regulatory Authority, now known as the Financial Regulator.

Furthermore, the response to the Committee noted that the Central Bank and Financial Services Authority of Ireland Act 2003 which was commenced in May 2003 provided inter alia for a "live" handover of issues and for the speedy handover by the Minister for Enterprise Trade and Employment, to the Financial Regulator and the Minister for Finance of all records relating to the performance or exercise of functions or powers in the insurance sector. This would have included all those relating to Equitable Life.

The Committee was advised that the most appropriate body to assist the Committee with its enquiries is now the Financial Regulator. I understand that on foot of this advice, the Committee contacted the Financial Regulator and met with officials from that body on Friday 6th October last.