Michael McGrath (Cork South Central, Fianna Fail)
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85. To ask the Minister for Finance the number of cases that have been undertaken by the Central Bank inquiry panel, under Part IIIC of the Central Bank Act 1942, since it was appointed; and if he will make a statement on the matter. [15096/15]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank may conduct an Inquiry under Part IIIC of the Central Bank Act 1942 where it suspects on reasonable grounds that a prescribed contravention is being or has been committed. In that regard, the Central Bank has published its Inquiry Guidelines under Section 33BD of the Central Bank Act 1942.

In relation to its Inquiry Panel, the Central Bank published details on its website in October 2014.  The Central Bank appointed 15 individuals to the Inquiry Panel. Inquiry members will be appointed in individual cases that are referred to Inquiry pursuant to Part IIIC of the Central Bank Act 1942.

I have been informed by the Central Bank that information in relation to any cases to be undertaken by Inquiry members will be made public in accordance with a notice to be published on the Central Bank's website, which is the mechanism provided for publication as set out in the Inquiry Guidelines.  To date no such notices have been published by the Central Bank and I have been informed that no Inquiry hearings have taken place.

Notwithstanding the above, the Administrative Sanctions Procedure in Part IIIC of the Central Bank Act 1942 provides that, at any time before the conclusion of an Inquiry, the matter may be resolved by entering into a settlement agreement. I have been informed by the Central Bank that it has entered into 11 settlement agreements in 2014 under the Administrative Sanctions Procedure under Part IIIC of the Central Bank Act 1942 in relation to contraventions of various legislative and regulatory requirements. The sanctions imposed involved reprimands and fines ranging from €640 million to €3.5 million, totalling €5.42 million.