Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if AIB has engaged with its customers who invested in the AIB Alpha Japan Fund and who believe that the investment product was mis-sold; the number of customers who invested in the fund and the total amount invested; and if he will make a statement on the matter. [53714/12]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by AIB that in 2007 the AIB Alpha Japan Fund was established to invest in the Japanese property market. The fund closed its fundraising on 3 May 2007 at which time a total of approximately €128 million had been committed by investors to the fund. The number of customers involved has not been publicly disclosed. The fund was sold to investors through a process that complied with the relevant regulatory requirements, at that time. From the outset, the fund was clearly highlighted in the relevant documentation as being a high risk geared investment. The terms and conditions of the fund, including the associated risks of the fund were outlined in the Information Memorandum. The fund provides a detailed update, including audited financial statements, to its investors each year. AIB has also informed me that it does not disclose details of its arrangements or discussions with individual customers. However, if an investor is not satisfied with any aspect of the manner in which the fund was sold to them, they have the option to refer the matter to the Office of the Financial Services Ombudsman for an independent adjudication. AIB is supportive of this process.