Written answers

Thursday, 1 February 2018

Department of Finance

Stock Markets Regulation

Photo of Catherine MurphyCatherine Murphy (Kildare North, Social Democrats)
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71. To ask the Minister for Finance if his attention has been drawn to the fact that when a company bought shares in a bank (details supplied) in 2013 it had access to loan-loss data that was not available to other retail shareholders in view of the fact that it was the bank's policy at the time not to reveal all losses to shareholders; the steps that were taken to avoid the potential for insider trading to have occurred during that transaction; and if he will make a statement on the matter. [5011/18]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I can confirm for the Deputy that my attention has not been drawn to any such scenario as described in this question.

In relation to the Deputy's assertion that it was the bank's policy not to reveal all losses to shareholders, I would highlight that the rules relating to the correct level of provisioning, and consequent losses, are determined by the relevant accounting standards. It is the responsibility of the board of the bank to ensure that these rules have been properly applied and that this is subject to external audit review.  Nothing has been brought to my attention to suggest that the bank has not applied these rules correctly.

Finally, the Deputy has asked what steps were taken to avoid the potential for insider trading. As a publicly listed company, the bank is required to comply with all Market Abuse regulations and I am not aware of any issues in this regard. However, should the Deputy have concerns, she should contact the Central Bank of Ireland which is the appropriate authority to investigate such a matter.


Shay Wheelock
Posted on 9 Mar 2018 7:43 pm (Report this comment)

Pascal, Perhaps it has escaped you Common Knowledge, But it is not the NORM for CRIMINALS to REPORT THEIR CRIMES to the appropriate Authority.However it is YOUR JOB to Seekout & Ensure that THEY are NOT ALLOWED TO COMMIT crimes against their CORPORATE MANDATE.Their CRIMES are EVIDENT to a BLIND PERSON. You continue to play hide & seek with the Laws of this Land.In all your communications you always PROCLAIM that its up to the CENTRAL BANK to ENSURE that the RULES ARE FOLLOWED. Well SIR it is obvious that the CENTRAL BANK are not enforcing the rules, MORE CONCERNING IS YOUR FAILURE to do anything to FORCE THE ROTHSCHILD BANKER To CEASE & DESIST from allowing BANKS TO STEAL OUR PROPERTY.

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