Written answers

Wednesday, 29 October 2008

Department of Enterprise, Trade and Employment

Financial Services

9:00 pm

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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Question 187: To ask the Tánaiste and Minister for Enterprise, Trade and Employment if the Office of Corporate Enforcement has investigated failings in duty of care within the financial services sector in which poor practices and poor incentive structures encouraged poor lending practices. [36983/08]

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail)
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The statutory remit of the Director of Corporate Enforcement is to encourage adherence to the requirements of the Companies Acts and, where appropriate, to investigate and bring to account those who are suspected of non-compliance with that legislative code. The Director is statutorily independent in the performance of those functions. Company law is not particularly relevant to the suitability of any lending practices which may operate in the financial services sector. The Financial Regulator is now responsible for the supervision and regulation of the financial services sector. As such it is the Regulator that is best placed to address the issues raised by the Deputy.

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