Written answers

Thursday, 9 November 2017

Department of Finance

State Banking Sector Regulation

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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64. To ask the Minister for Finance if as a shareholder in State supported banks he or his predecessor's attention was drawn to offshore operations within these banks; the actions taken subsequently to stop the operations; and if he will make a statement on the matter. [47602/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As I indicated earlier this week I have discussed these disclosures with the Revenue Commissioners who are the most appropriate authority to examine matters raised in the media arising from the so called 'Paradise Papers' and the Chairman has assured me they would be monitoring the revelations as they arose. I would also call on the ICIJ to share any information it has with Revenue.

I would add that the Minister for Finance has no direct function in strategic or operational decisions made by the banks in which the state is a shareholder, and decisions in this regard are the responsibility of the board and management of each institution, under the supervision of their regulator and equivalent authorities in the jurisdictions relevant to their operations.

The Minister must ensure that the banks are run on a commercial and independent basis and in this regard a Relationship Framework has been specified that defines the nature of the relationship between the Minister for Finance and the banks. These Frameworks were originally published on 30 March 2012 and can be found on the Department of Finance website.


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