Billy Timmins (Wicklow, Fine Gael)
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Question 155: To ask the Minister for Finance the changes the Financial Regulator put in place in his office following the collapse of a bank (details supplied); and if he will make a statement on the matter. [2666/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The issues that arose with Northern Rock in September 2007 were part of the wider global liquidity crisis. Given market developments at that time, I have been informed that the Financial Regulator required Irish licensed credit institutions to commence weekly liquidity reporting in October 2007. This was supplemented by increased direct contact with credit institutions, in some cases daily, and included high-level meetings between the Financial Regulator, the Central Bank and Irish credit institutions.

Following the collapse of Northern Rock, the Financial Regulator maintained close and ongoing contact with the UK and Irish authorities regarding Irish depositors of Northern Rock. While Northern Rock operated in Ireland on a branch basis, it is subject to prudential supervision by the UK Financial Services Authority. However the Financial Regulator worked to ensure that all relevant information was made available to customers to contact and transact with Northern Rock through its websites and consumer helpline. The Financial Regulator experienced a significant increase in the number of queries to the Financial Regulator's consumer information helpline and in visits to the personal finance website in September 2007 as a result of communication difficulties experienced by Northern Rock at that time. The Financial Regulator also put a contingency plan in place to deal with any future unexpected increases to the consumer helpline and website.