Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The operation of the law regarding the Statute of Limitations is a matter for my colleague, the Tánaiste and Minister for Justice and Equality, and I understand it is the subject of ongoing review in her Department. I am given to understand the review is taking account of the Law Reform Commission report on limitation of actions published in December 2011. That report examines the rules on time limits for bringing civil claims in the courts, many of which are contained in the Statute of Limitations 1957, as amended.

The report of the Oireachtas Joint Committee of Inquiry into the Banking Crisis was a comprehensive examination of what went wrong in the banking system. The law around time limits for bringing civil claims was not identified as a contributory factor to the banking crisis in that report. However, my Department, in conjunction with the Central Bank, is considering the banking inquiry report in the round, with a view to bringing forward proposals in response to all of the recommendations related to the Department and the Central Bank which are contained in the report, including any related issues that may emerge.

The Central Bank has the power to administer sanctions in respect of the commission of prescribed contraventions by regulated financial service providers and participation in the prescribed contraventions by persons concerned in their management. The Central Bank may investigate where a concern arises that a prescribed contravention has been or is being committed, and, following the investigation, an inquiry may be held where there are reasonable grounds to suspect that a prescribed contravention has been or is being committed. The inquiry shall decide if the prescribed contravention has occurred and determine the appropriate sanctions.

The decision by the Central Bank to take enforcement action is not constrained by time limits but is determined on a case-by-case basis, taking into account the full circumstances of each case. There are many factors that may be considered, including the promotion of compliance by the regulated entity, the promotion of compliance within the industry or sector, the proportionality of the enforcement action and support of the strategy, objectives and policies of the Central Bank.

See this speech in context