Stephen Donnelly (Wicklow, Independent)
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110. To ask the Minister for Finance if he will provide a breakdown of funding levies paid by each regulated body to the Financial Regulator in 2010, 2011 and 2012; and if he will make a statement on the matter. [23119/13]

Michael Noonan (Limerick City, Fine Gael)
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I have to inform the Deputy that, for reasons of confidentiality, the Central Bank are unable to provide information on the levies payable by individual firms. For information, the gross annual funding requirement represents, for each industry category, the proportion (50% in most cases) of the budget for financial regulation activities attributable to that category. This is then adjusted for any under/over recovery of costs from that category in the previous year in order to arrive at the net annual funding requirement for the category in question. The attached table provides an analysis of changes in the amount of levies recouped from industry categories over each of the years 2010 to 2012.

There are number of exceptions to the 50/50 funding arrangement including covered credit institutions which fund 100% of the cost of their prudential regulation and 100% of the cost of the PCAR and PLAR reviews and Credit Unions whose levies are capped at 0.01% of their total assets as at 30 September in the previous year.

Stephen Donnelly (Wicklow, Independent)
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111. To ask the Minister for Finance if he will provide a breakdown of monetary penalties imposed, including directions to refund or withhold moneys charged or paid, on each regulated body by the Financial Regulator in 2010, 2011 and 2012 [23120/13]

Michael Noonan (Limerick City, Fine Gael)
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A breakdown of the monetary penalties imposed as part of entering into settlement agreements with the Central Bank under Section 33AV of the Central Bank Act 1942 (as amended) is set out in the following table.

There have been no directions issued by the Central Bank to refund or withhold monies charged or paid during the period 2010-2012. It should be noted, however, that the Central Bank generally expects, as part of the process of reaching a settlement with a firm, that the firm rectifies the regulatory breach in question. In that respect, during the period 2010-2012, six regulated entities gave refunds to affected customers as part of the process of entering into a settlement agreement.

The Central Bank (Supervision and Enforcement) Bill which completed Committee stage last month provides for a system of customer redress where financial service providers engage in misconduct that is widespread or recurring and which causes customers loss or damage.

2012

2011

2010