Fergus O'Dowd (Louth, Fine Gael)
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Question 46: To ask the Minister for Finance his views on correspondence (details supplied); and if he will make a statement on the matter. [2916/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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This question relates to issues raised by "Friends of Banking Ireland". I have been informed by the Financial Regulator that it met Friends of Banking Ireland on 13 November 2008 and that a number of issues relating to the role of the Financial Regulator, the reach of the consumer protection code, the complaints process for individual redress and the confidentiality obligations under which it operates were clarified. Further contact was to be maintained between the two organisations to pursue outstanding matters.

Complaints from individual consumers (which includes incorporated bodies with a turnover of up to €3 million) are referred to and determined by the Financial Services Ombudsman. However, the general principles of the Consumer Protection Code apply to all dealings between regulated firms and all customers and not just for consumers as defined above.

I do not accept that there is a case for a commissioner of investigation, as proposed by Friends of Ireland Banking, to address the particular issues raised at this time. Reviews have commenced on the Regulator's strategic regulatory approach and also on its business processes and procedures. I look forward to receiving the outcome of those reviews as quickly as possible. Furthermore, speedy progress is being made at an EU level on a common approach to enhanced financial regulation. Any decision on financial regulatory reform will be informed by and consistent with the outcome of these national and international reviews.