Finian McGrath (Dublin North Central, Independent)
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31. To ask the Minister for Finance in view of the judge’s remarks about the State agency leading the men into illegality, if he will examine the role of the regulator in the loans to the maple ten; and if he will make a statement on the matter. [20411/14]

Michael Noonan (Limerick City, Fine Gael)
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I take very seriously the Judge's comments regarding the role of certain individuals at the Irish Financial Services Regulatory Authority in the so-called Maple 10 case. As I stated in response to Question No. 13 of 8 April 2014, the system of financial regulation has been radically overhauled since the financial crisis. Furthermore, the Governor of the Central Bank last week appeared before the Committee on Finance, Public Expenditure and Reform and outlined the extensive changes introduced to the Central Bank since his appointment.

Notwithstanding these important changes, this Government has introduced legislation to allow for a Banking Inquiry into all of the issues which led to the collapse of the banking system. An important principle embodied in the legislation is the responsibility assigned exclusively to the Houses themselves for determining the requirement for an inquiry, initiating it and agreeing its terms of reference as well as its procedural and organisational aspects.  In the circumstances I do not wish to comment at this stage on what is essentially a matter for the terms of reference of the inquiry.