Written answers

Wednesday, 26 November 2014

Department of Finance

Central Bank of Ireland Investigations

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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58. To ask the Minister for Finance if he will provide a list of all fines greater than €100,000 imposed by the Central Bank of Ireland on financial institutions over the past six years; and if he will make a statement on the matter. [45548/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Since the commencement of the Central Bank (Supervision and Enforcement) Act 2013, the Central Bank may impose a monetary penalty upon a body corporate or an unincorporated body of the greater of €10,000,000 or an amount equal to 10% of the turnover of a firm. In relation to breaches that arose prior to the commencement of the 2013 Act, the maximum penalty that the Central Bank could impose on a firm was €5,000,000.  The 2013 Act also allowed for the doubling of the maximum administrative sanction to €1,000,000 for a natural person.

The Central Bank's Strategic Plan 2013 - 2015 sets out a strategy of assertive risk-based supervision underpinned by a credible threat of enforcement. Enforcement is an important tool to effect deterrence, achieve compliance and promote positive behaviour. The Central Bank will take enforcement action against regulated entities under its Probability Risk and Impact SysteM (PRISM) supervisory model.

I have been informed by the Central Bank that the following table is a list of all fines greater than €100,000 imposed by the Central Bank by way of settlement agreement on financial institutions over the past six years.  Details of fines paid to the Central Bank are available from the Central Bank's website www.centralbank.ie.

InstitutionDateFine
Quinn Insurance Limited ( QIL ) and Mr Sean Quinn Senior24/10/2008€3,450,000
Irish Life & Permanent plc03/09/2009€600,000
Merrill Lynch International Bank Limited22/10/2009€2,750,000
DEPFA ACS BANK16/12/2009€250,000
NCB Stockbrokers Limited16/12/2010€100,000
Allied Irish Banks plc17/12/2010€2,000,000
Scotiabank (Ireland) Limited02/06/2011€600,000
MBNA Europe Bank Limited21/06/2011€750,000
Goldman Sachs Bank (Europe) plc08/09/2011€160,000
Combined Insurance Company of Europe Limited16/12/2011€3,350,000
Aviva Life & Pensions Ireland Limited07/03/2012€245,000
Aviva Health Insurance Ireland Limited09/03/2012€245,000
Alico Life International Limited29/03/2012€3,200,000
Bank of Ireland Mortgage Bank02/10/2012€120,000
Ulster Bank Ireland Limited14/11/2012€1,960,000
Aviva Insurance Europe SE17/12/2012€1,225,000
Aviva Life & Pensions Ireland Limited17/12/2012€1,225,000
Quinn Insurance Ltd18/02/2013€5,000,000
Citibank Europe plc11/12/2013€550,000
Allied Irish Banks plc17/12/2013€490,000
Ava Capital Markets Limited 04/03/2014€165,000
UniCredit Bank Ireland p.l.c. 13/03/2014€315,000
FBD Insurance plc08/05/2014€490,000
Squared Financial Services Limited16/05/2014€100,000
Bank of Montreal Ireland plc21/05/2014€650,000
Ulster Bank Ireland Limited06/11/2014€3,500,000

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