Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Where a regulated firm or an individual agrees to enter into a settlement agreement with the Central Bank, a reduction may be applied to the sanction. Details of the early settlement discount scheme are set out in the outlines of the administrative procedure of 2018. Once the terms of the settlement agreement have been agreed by the Central Bank and the regulated firm or individual, the bank prepares the public statement, and the public statement will usually contain details of any discount applied for early settlement. In regard to the reduction that is possible, which is up to 30%, the regulated entity - and, in the future, the individual - will be required to confirm its willingness to enter into a settlement procedure and to settle within the timeframe indicated by the Central Bank. For a further reduction, which would be up to 10%, if the regulated entity does not confirm its willingness to enter into the settlement procedure and or fails to settle within the indicated timeframe, the earlier discount will no longer be required. A discount will only be allowed on that point until such time as a notice of inquiry is issued.