Ms Derville Rowland:

That is the case. In 2004, the Central Bank was given enforcement powers for the first time. It is called the administrative sanctions procedure. Members will recognise it from television and living in the world. It is a normal, legal based investigation where one acquires all the relevant documentation so one can prove the underlying breaches and then there is a very comprehensive system for hearings to determine in the usual way whether those facts are made out and if a breach can be proved and if one moves into that stage then there is a possibility of imposing sanctions, both with respect to regulated entities, the lenders, and with respect to persons concerned in the management of those regulated entities. Since the crisis in 2010, the Central Bank has done some considerable investigations of scale and size and for the first time into INBS and Quinn and we have been involved in High Court litigation on five occasions to secure the use of those and the constitutionality of those powers. To date, we have settled or concluded more than 100 cases, bringing in more than €60 million in fines. We have disqualified individuals and fitness and probity powers have come on stream also.

There was a very big increase in enforcement powers, and fitness and probity powers, before the 2013 Act.