Jimmy Deenihan (Kerry North, Fine Gael)
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Question 154: To ask the Minister for Finance if complaints were received by him regarding the Financial Regulators failure to act in certain cases following the setting up of the Financial Regulator in 2003; if so, the action he has taken on foot of these complaints; and if he will make a statement on the matter. [40196/09]

Jimmy Deenihan (Kerry North, Fine Gael)
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Question 155: To ask the Minister for Finance if the attention of his predecessor was drawn to the complaints about the Financial Regulator; if so, the number of complaints that were received; the action that was taken; and if he will make a statement on the matter. [40197/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 154 and 155 together.

Under the terms of the Central Bank Act 1942, as amended, the Financial Regulator is responsible for the regulation and supervision of the financial system and also the promotion and protection of the interest of consumers of financial services. In the exercise of these functions, the Financial Regulator is independent of the Minister for Finance. The Central Bank Act also provides that appeals against appealable decisions of the Financial Regulator shall be made to the independent Irish Financial Services Appeals Tribunal and that complaints from consumers against a financial institution shall be made to the independent Financial Services Ombudsman. As Minister for Finance I do not have a formal complaints determination role in connection with the Financial Regulator. However, I am informed that the Financial Regulator has, in accordance with good administrative procedures, a well established internal review procedure for handling complaints made to it.

If the Deputy has a concern in respect of a specific issue raised with the Financial Regulator, he should provide details to me and my Department will bring the matter to the attention of the Financial Regulator for appropriate follow up action as necessary.