Oireachtas Joint and Select Committees

Wednesday, 27 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Mary Burke:

No there was not any other action taken. I mean if the action you're considering is something like an administrative sanction procedure, for example, in terms of inadequate internal controls, I've already said in my statement that we didn't have the resources to do that. The approach to administrative sanctions had been established in, I think it was probably '05, following the Act that was brought in. Each department went through the rules requirements, whatever ... that were sanctionable, and identified the priority they attached to them. I did it for the department I was in at the time, you graded them either one to five or A to D, something like that. In fairness, in banking supervision, that assessment was done. What was interesting was that even in '05 the opening paragraph of that policy noted that BSD was not in a position to have the resources to pursue an ASP case. That was the case in '05 Deputy, it was even more the case in '08.

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