Ms Derville Rowland:

That is correct. Solvency II came into force after that letter was written. The Central Bank has a significant selection of powers but the Deputy is correct that unless they are used in the first instance, in the case of information provided to the Central Bank not on foot of a statutory request, the bank cannot then action its powers on false or misleading information. Those powers have to be invoked in the first instance. Notwithstanding that, strong information powers have been put into Solvency II.

The Deputy is right about the construction of the administrative sanctions procedure. Unless the individual is proved to be participating in a breach committed by the regulated entity, it would fall away. That is a matter of legal construction. There might also be fitness and probity considerations but that would be rare.