Dáil Éireann Debate, Thursday - 25 June 2026
17. Deputy Aindrias Moynihan asked the Tánaiste and Minister for Finance the oversight that exists to ensure transparency in a redress and appeals process (details supplied) given concerns raised at the Oireachtas Public Accounts Committee (PAC) on 14 February 2024 regarding the terms of reference, operation and perceived lack of independent scrutiny; and if he will make a statement on the matter. [47990/26]
View answer42. Deputy Aindrias Moynihan asked the Tánaiste and Minister for Finance the engagement his Department has had with the Central Bank following the discussion at the Oireachtas Public Accounts Committee on 14 February 2024 regarding schemes (details supplied); and if he will make a statement on the matter. [47989/26]
View answerI propose to take Questions Nos. 17 and 42 together.
As Minister for Finance, I am prevented from intervening in commercial and operational decisions in any particular bank, even one in which the State previously had a shareholding. Notwithstanding this, officials in my Department contacted AIB and received the following response:
“In 2021, AIB announced a case-by-case review to assess the suitability of the Belfry funds for investors and to determine if a refund may be due to some investors.
AIB communicated its approach and treatment methodology to the Central Bank. Like all financial institutions AIB is subject to regulatory oversight to ensure consumers are protected.
All investors had the right to appeal to an independent appeal panel and were offered a payment towards the cost of obtaining independent professional advice. Similar to the process developed in the Tracker Mortgage Examination, the independent appeal panel was comprised of three individuals who were all independent of the bank and included one qualified solicitor/barrister, one qualified accountant and one member with appropriate experience in dealing with consumer affairs.
Investors can also take their case to the Financial Services and Pensions Ombudsman if they wish to do so".
