Joan Burton (Dublin West, Labour)
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Question 212: To ask the Minister for Finance if, in respect of the reported levying of a fine by the Financial Regulator on the chairperson of a leading insurance company and the publication of a limited amount of information in relation to the matters giving rise to that fine, he has requested detailed briefing from the Regulator in relation to the matters involved in the case pertaining to an insurance company and to a bank which is covered by the State bank guarantee scheme; if he has requested special examinations, audits or reviews to be carried out in respect of both of the relevant financial institutions; the rationale for such changes; and if he will make a statement on the matter. [46974/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day-to-day responsibility for the supervision of financial institutions is a matter for the Financial Regulator, which is statutorily independent in the exercise of its regulatory functions. The Financial Regulator is also obliged to treat as confidential the information it holds on regulated entities. Consequently the Settlement Agreement entered into with the insurance company in question is strictly a matter between the parties.

The Deputy will be aware that in light of the ongoing turmoil in financial markets, the Financial Regulator is continuing to intensify its on-site and off-site supervision of financial institutions. In this respect the Financial Regulator has advised me that on the basis of the latest figures available, all insurers meet the statutory solvency margin requirements. On the banking side, I have met with the Governor of the Central Bank and the Financial Regulator to discuss the report on the financial position of the major financial institutions participating in the Government Guarantee Scheme. This report which cannot be disclosed because of its confidential and commercially sensitive nature presents an analysis of the institutions having regard to their loan books. The report confirmed that the capital position of each of the institutions reviewed is in excess of regulatory requirements as at 30 September 2008. The report also concludes that even in certain stress scenarios the capital levels in the financial institutions will remain within regulatory requirements in the period to 2011.

Joan Burton (Dublin West, Labour)
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Question 213: To ask the Minister for Finance if he is satisfied that the requirement to notify to the Stock Exchange of significant shareholdings in quoted shares, and banks in particular, via the office of the Financial Regulator is being carried out; if he is satisfied himself that a company (details supplied) has been fully notified to the Stock Exchange as apparently required; if persons involved in the acquisition of shares, or an interest in shares via contracts for difference, are obliged to notify these interests; if they are not obliged to notify these interests, his views on whether this is a gap in the regulatory mechanism; his further views on asking the Regulator to make or strengthen regulations to this effect; and if he will make a statement on the matter. [46975/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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A person is required to make a notification to the issuer and to the Irish Stock Exchange where their shareholding in that issuer, which is admitted to trading on a regulated market, reaches or passes certain percentage thresholds, expressed as a percentage of total voting rights in the capital of the issuer. The relevant threshold for Irish issuers is 3% and each 1% thereafter up to 100%. The notification requirement only applies to shares with voting rights attached. The notification requirements also apply to a person who holds, directly or indirectly, financial instruments which result in an entitlement to acquire, on such holder's own initiative alone, under a formal agreement, shares to which voting rights are attached, already issued, of an issuer.

A person making a notification to an issuer shall at the same time file a copy of such notification with the Irish Stock Exchange by e-mail. Upon receipt of the notification the issuer must make public all the information contained in the notification.

In the case of a bank, any person proposing to acquire 10% or more of its shares or voting rights must notify the Central Bank and Financial Services Authority of Ireland in advance and receives its approval for an such acquisition. The Financial Regulator has raised with my Department the question of extending disclosure requirements to other types of financial instruments, such as contracts for difference, and proposals are expected shortly.