Pearse Doherty (Donegal South West, Sinn Fein)
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56. To ask the Minister for Finance the number of persons, for each year since 2008, who have been disqualified from being a person concerned in the management of a regulated financial service provider; and if he will make a statement on the matter. [20901/15]

Michael Noonan (Limerick City, Fine Gael)
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Part IIIC of the Central Bank Act 1942, as amended, provides the Central Bank of Ireland with the power to impose sanctions in respect of the commission of a prescribed contravention by regulated financial service providers and by persons concerned in the management of a regulated financial service provider. 

In respect of persons concerned in the management of a regulated financial service provider, Section 33AQ of the Central Bank Act 1942, as amended, provides a range of possible administrative sanctions that the Central Bank may impose including:

- a caution or reprimand,

- a monetary penalty,

- disqualification from being concerned in the management of a regulated financial service provider for a specified period

- a direction to cease participating in the commission of the contravention

- a direction to pay the Central Bank's costs.

In relation to the monetary penalty, the Central Bank (Supervision and Enforcement) Act 2013 allowed for the doubling of the maximum monetary penalty that can be imposed on an individual to €1,000,000.

In 2011 the new fitness and probity regime was rolled out by the Central Bank in accordance with the provisions of the Central Bank Reform Act 2010. The regime provides for new powers to be exercised by the Central Bank to ensure the fitness and probity of nominees to key positions within financial service providers and of key office-holders within those providers.

I have been informed by the Central Bank that since 2008 a total of 7 disqualifications have been imposed by the Central Bank. Details of each disqualification are available on the Central Bank website. The disqualifications are summarised in the below table.