Joe Costello (Dublin Central, Labour)
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Question 34: To ask the Minister for Finance the position regarding the investigation reported to be being carried out by the Financial Regulator into irregular trading activities at a company (details supplied); and if he will make a statement on the matter. [12332/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Financial Regulator that Merrill Lynch International Bank Limited (an Irish licensed credit institution) advised it on 18 February 2009 of matters in relation to the mispricing of trades in their London branch. Authorised officers of the Financial Regulator attended on site in the London branch in the days following this contact.

The Financial Regulator has also informed me that Merrill Lynch/Bank of America Corporation (Bank of America is Merrill's parent company) have employed independent external expertise to investigate the circumstances in conjunction with Bank of America's corporate audit and have agreed the scope of this investigation with the Financial Regulator and the UK Financial Services Authority. The Financial Regulator is also liaising with Bank of America/Merrill's parent US regulators on this matter. The Financial Regulator is receiving daily updates on the progress of this investigation. While this investigation continues, the Financial Regulator is not in a position to comment further on the matter.