Ms Seána Cunningham:

The administrative sanctions procedure, ASP, remains as it is but with the enhancements envisaged in this proposed legislation. The way that would work in the context of an investigation is that typically people would be interviewed by officers authorised by the Central Bank enforcement division. Ultimately, sanctions could be imposed by one of two ways. It could be by way of a settlement between the Central Bank and the firm and-or an individual. If such a course of action is not appropriate as a resolution, then a case would go to an inquiry. It would be a Central Bank inquiry which would have powers in respect of calling witnesses before it, allowing them to present their evidence and be examined on their evidence and the documentary evidence.