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Morgan questions practices of Financial Regulator at Oireachtas Committee meeting

13 January, 2009

Speaking at the meeting of the Oireachtas Committee on Economic Regulatory Affairs today Sinn Féin Finance Spokesperson Arthur Morgan TD questioned why the Financial Regulator, Patrick Neary, did not initiate further investigations following the revelations that the Quinn Group failed to notify the authorities of a €288million loan it made. Deputy Morgan said that this should have acted as an early warning sign to the regulator.

Addressing the Financial Regulator Deputy Morgan said, "Among the objectives of the legislation underpinning the Government Guarantee Scheme are to safeguard the financial system and economy of the state and to provide lasting systemic stability in the banking system. Was this not in place before the guarantee scheme? And if not, why not?

"Last October you fined the Quinn Group €3.25million for failing to notify the authorities of a €288million loan it made. Did you not see this major event as an early warning sign? Why did this event not trigger further enquiries at Anglo Irish Bank?

"Do you think that the €87million loan to Seán Fitzpatrick was a stand alone case or might there be other such cases either at Anglo Irish Bank or other lenders?

"Does the chair feel that the board also failed in their responsibility to ensure proper practice?" ENDS

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