Written answers
Friday, 16 December 2016
Department of Finance
Central Bank of Ireland
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
137. To ask the Minister for Finance the fines greater than €100,000 imposed by the Central Bank on financial institutions over the past three years; and if he will make a statement on the matter. [40669/16]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source
I am advised by the Central Bank that it imposed fines in excess of €100,000 on eighteen financial institutions over the past three years.
Details of these fines are provided by the Bank in the following table:
| Entity's Name | Date of Settlement | Fine Imposed | Contravention | |
|---|---|---|---|---|
| 1 | Arch Reinsurance Europe Underwriting dac | 15/03/2016 | €275,000 | Breaches of the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2010. |
| 2 | New Ireland Assurance | 13/07/2016 | €650,000 | Breaches of the Consumer Protection Code 2012. |
| 3 | Axa Insurance | 26/07/2016 | €675,000 | Breaches of the Minimum Competency Requirements 2006, the Minimum Competency Code 2011 and the Consumer Protection Code 2012. |
| 4 | KBC Bank Ireland plc | 06/10/2016 | €1,400,000 | Breaches of the Code of Practice on Lending to Related Parties 2010, and the Code of Practice on Lending to Related Parties 2013 |
| 5 | Capita Life and Pensions Services (Ireland) Limited | 11/10/2016 | €1,150,000 | Breaches of the Investment Intermediaries Act, 1995 and the European Communities (Markets in Financial Instruments) Regulations 2007. |
| 6 | Ulster Bank Ireland DAC (formerly Ulster Bank Ireland Limited) | 27/10/2016 | €3,325,000 | Breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010. |
| 7 | Springboard Mortgages Limited (trading as Springboard Mortgages) | 24/11/2016 | €4,500,000 | Breaches of the Consumer Protection Codes 2006 and 2012 in relation to tracker mortgages. |
| 8 | Western Union | 19/05/2015 | €1,750,000 | Breaches of its obligations under the Criminal Justice (Money Laundering and Terrorist Financing Act 2010). |
| 9 | Irish Nationwide Building Society | 15/07/2015 | €5,000,000 | Breaches of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395/1992) (as amended), the Building Societies Act 1989 (as amended), and Part 1 of the Credit Institutions Regulatory Document Impairment Provisions for Credit Exposures dated 26 October 2005 which was imposed as a condition on INBS s authorisation pursuant to Section 17 of the Building Societies Act 1989. Fine waived in the public interest as Irish Nationwide has no assets. |
| 10 | Octagon Online Services | 09/12/2015 | €105,000 | Breaches of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007). |
| 11 | Computershare Investor Services Limited | 17/12/2015 | €322,500 | Breaches of the Client Asset Requirements imposed pursuant to Regulation 79 European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007, as amended). |
| 12 | Ava Capital Markets Limited | 06/03/2014 | €165,000 | Breaches of the European Communities (Markets in Financial Instruments) Regulations 2007. |
| 13 | UniCredit Bank Ireland p.l.c. | 13/03/2014 | €315,000 | Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 and of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992. |
| 14 | FBD Insurance plc | 08/05/2014 | €490,000 | Breaches of regulatory requirements contained in the Consumer Protection Code 2006. |
| 15 | Squared Financial Services Limited | 16/05/2014 | €100,000 | Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. 661 of 2006) and the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007). |
| 16 | Bank of Montreal Ireland plc | 21/05/2014 | €650,000 | Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. 661/2006) (as amended) and of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. 395/1992). |
| 17 | Ulster Bank Ireland | 12/11/2014 | €3,500,000 | Breaches of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992. |
| 18 | Provident Personal Credit Limited t/a Provident | 01/12/2014 | €105,000 | Breaches of the Consumer Credit Act, 1995, the European Communities (Consumer Credit Agreements) Regulations, 2010 (S.I. 281 of 2010) and the Consumer Protection Code for Licensed Moneylenders. |
No comments