Written answers

Tuesday, 8 July 2014

Department of Justice and Equality

Financial Services Regulation

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Independent)
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639. To ask the Minister for Justice and Equality further to Parliamentary Question No. 153 of 4 June 2014, when she expects a report from the Garda authorities in relation to the matter to be completed; and if she will make a statement on the matter. [29380/14]

Photo of Frances FitzgeraldFrances Fitzgerald (Dublin Mid West, Fine Gael)
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I have recently received the requested report and am informed by the Garda authorities that reports pursuant to Section 33AK of the Central Bank Act 1942 which are forwarded to An Garda Síochána are referred to the Garda Bureau of Fraud Investigation (GBFI). These reports refer to a wide area of regulation such as the European Communities (Market in Financial Instruments) Regulations, the EC Insurance Mediation Regulations, the Building Societies Acts, the Credit Union Acts and other Regulations. I am further advised, however, that the majority of reports received by the GBFI from the Central Bank under section 33AK of the Central Bank of Ireland Act 1942 are dealt with by the Central Bank following consultation with the GBFI, in accordance with the Central Bank Administrative Sanction Procedure or other enforcement power.

Where other suspected offences outside the investigative remit of the Central Bank are identified, An Garda Síochána assesses these matters with a view to identifying criminality. Where criminal behaviour is identified, the matter is investigated and a file forwarded to the Director of Public Prosecutions (DPP). In this regard, reports pursuant to Section 33AK of the Central Bank Act 1942 received at the GBFI would also assist in relation to ongoing investigations at the GBFI at the time of the report. I am advised that, for the time period specified, reports from the Central Bank under section 33AK of the Central Bank Act 1942 have resulted in two prosecutions and one conviction during the period referred by the Deputy. One other case is currently before the Courts.

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