Mr Noel Treacy T.D., Minister for Science, Technology and Commerce, announced today (Thursday 13th May, 1999) that the 1998 Annual Report on Insider Dealing which was submitted to him by the Irish Stock Exchange has been laid before the Houses of the Oireachtas. The Stock Exchange is required to report to the Minister on its investigations into allegations on insider dealing under Part V of the Companies Act 1990.

The Stock Exchange reported that authorised persons exercised statutory powers in relation to six cases of insider dealing in 1998. Arising out of its investigations, it was determined that no insider dealing issues arose in relation to two cases. One case has been referred to the Director of Public Prosecutions. Investigations into three complaints were ongoing at the end of the year. Of the cases investigated, four came to light on foot of written complaints.

The Minister said that "arising from discussions with the Stock Exchange, my Department is currently taking steps to bring forward legislation that will disclose the names of companies whose shares are the subject of an insider dealing investigation to be published". He added that "the naming of such companies does not imply any wrong doing on the part of the companies whose shares are the subject of insider dealing investigations".

The Minister added that the contents of the report will be covered in detail in the forthcoming 1998 Companies Report.