Dr. Cyril Roux:

One question is on our enforcement stance and the other question is on staff.

There are two issues about staffing in the Central Bank. We operate below complement in enforcement and in other areas and this has gone on for years. If our complement was increased then our staff number would increase. We operate below the number of people required to do our job but it is not just a question of having enough people. Our staff members are very dedicated and work well beyond their contracted hours. Some of them have been with us for a sufficient length of time and are experienced but not many. What we experience, and Ms Cronin and Mr. Sheridan can say, is that at any point in time, more than half of our staff will have been in their positions for less than two years. That is not the right make-up for supervision, as one needs expert judgment but that can only be gained by experiencing an insurance cycle. One needs to see what happens when times are good and bad. Unfortunately, we do not have that expertise and, therefore, rely on a few experienced supervisors to train the younger staff.

As far as the triage of cases between the administrative sanctions procedure and the criminal cases is concerned, the situation has changed with the August 2013 Act because before that, we could only do a small amount of fines and enforcement. The enforcement action of the Central Bank, while exemplary for being made public, would not have made a difference financially. Now that we have revised legislation, and I thank the Oireachtas for having passed the Bill, is we need to show, during settlement or inquiry, the burden of proof, and the level of fine and speed, and that all points towards using our enforcement powers. It is not to say that at times when we see criminal action that we will send it to criminal action but my barristers have told me that it is not often the case. One needs a high bar and then one goes through a lengthy process but, unfortunately, one sees little. We will not shy away from taking action. When we see a case for it we will do it.