Seanad debates

Thursday, 27 June 2013

Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage

 

11:30 am

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

I move amendment No. 23:


In page 55, line 38, to delete “€10,000,000” and substitute “€50,000,000”.
As I understand it, the penalties under the 1942 Act are doubled but inflation has increased far more. I would hate to think that the penalties were being reduced in real terms. It is okay if we fine them the index linked euro equivalent of the 1942 fine. I ask the Minister to consider the matter. What have these guys done to deserve a massive reduction in fines? I mentioned a certain number but it is probably still short. At least my amount brings the 1942 fine more up to date with 2013 prices.

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