Pearse Doherty (Donegal South West, Sinn Fein)
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166. To ask the Minister for Finance if he is satisfied that Anglo Irish Bank kept proper books and records as required by section 202 of the Companies Act; and if he will make a statement on the matter. [33119/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that they are currently reviewing the books and records of Anglo Irish Bank/ IBRC. The Special Liquidators will be meeting their obligations under Section 56(1) of the Company Law Enforcement Act 2001 and as such will be considering the adequacy of the books and records of IBRC as part of this report.

Pearse Doherty (Donegal South West, Sinn Fein)
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169. To ask the Minister for Finance if phonecalls between the Central Bank of Ireland and traders market-related phonecalls are recorded; if the recordings are kept; and if he has requested that these tapes also be preserved for any banking inquiry. [33295/13]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has advised me that it is not their practice to record telephone calls with regulated entities, but that phone calls on landlines in investment firm trading rooms are generally recorded, although there are no specific regulations that require this. The question of the recording of phone calls by investment firms is being reviewed as part of EU negotiations on the Markets in Financial Instruments Directive (MiFID) and the Market Abuse Regulation (MAR). MiFID is currently the subject of negotiations between the Council and the European Parliament, while MAR cannot be finalised until MiFID negotiations are complete. When MiFID is finalised it is expected that Member States will be given 24 months in which to implement the Directive.

The Council position on telephone recordings in MiFID is that telephone recordings between investment firms and clients should be mandatory, subject to the client being notified of this in advance. The agreed position between the Council and European Parliament in MAR is that competent authorities will, subject to certain conditions, be able to access such telephone recordings.