Phil Hogan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context

Question 147: To ask the Minister for Finance if he has received complaints regarding the practices of a bank and a building society (details supplied) in the years 2006, 2007, 2008, 2009 and 2010; and if he will make a statement on the matter. [17006/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The particular institutions referred to by the Deputy in his question are subject to regulation, in accordance with the relevant statutory provisions, by the Financial Regulator. The Financial Regulator's principal responsibility involves the ongoing monitoring of financial institutions in order to ensure their solvency and compliance with all other regulatory requirements on an individual basis. Any complaints related to solvency, regulation generally, corporate governance and compliance with company law would, therefore, be the responsibility of the Financial Regulator. With regard to unresolved complaints from consumers about their individual dealings with financial service providers, statutory responsibility for dealing with such complaints rests with the Financial Services Ombudsman under the terms of the Central Bank and Financial Services Authority of Ireland Act 2004.

While a wide variety of matters may be brought to the attention of the Minister for Finance over a period of time, these are where appropriate referred for the attention of the relevant body. It is essential that both the regulatory process and the system for resolving the complaints of individual consumers against financial institutions should be wholly independent from the political process and determined by the relevant statutory authorities having regard to the merits of the individual case. The current legislative framework guarantees the independence of each of those functions. This independence will also be fully protected in the legislation which will reform the current structure of the Central Bank and Financial Services Authority of Ireland. The Deputy will be aware that both the Financial Regulator and the Financial Services Ombudsman produce annual reports which are laid before the Houses of the Oireachtas.

Phil Hogan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context

Question 148: To ask the Minister for Finance if meetings took place between the chief executive, chairman or any senior financial officers of any banking institution with him from 1 March 2008 to 31 October 2008; if so, the nature of these meetings; and if he will make a statement on the matter. [17007/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

I was appointed Minister for Finance on the 1st May 2008. During the period from my appointment to the date referred to in the Deputy's question, I had meetings with senior representatives of several domestic and international financial institutions operating in Ireland. This, as I have said previously is normal practice for a Minister of Finance. As would be expected, given international and domestic developments in the financial sector over that time a range of relevant issues was discussed at these various meetings.