Michael McGrath (Cork South Central, Fianna Fail)
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95. To ask the Minister for Finance the position regarding the Central Bank's inquiry into a building society (details supplied); the expected completion time of the inquiry; and if he will make a statement on the matter. [30694/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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Under Part IIIC of the Central Bank Act 1942, the Central Bank may hold an inquiry to determine whether or not a financial service provider is committing or has committed a prescribed contravention.  The Central Bank may also hold an inquiry to determine whether or not a person concerned in the management of a regulated financial service provider is participating or has participated in the commission of a prescribed contravention by the financial service provider.

Part IIIC of the Act sets out the overall framework for how Administrative Sanctions Procedure (ASP) Inquiries are to be carried out. The Bank has prescribed Inquiry Guidelines which set out the general procedure which it ordinarily follows at an ASP Inquiry (available on its website).

The Inquiry Members appointed to conduct an inquiry decide how an inquiry will proceed and the procedures to be followed in each case. The timetable in respect of an inquiry is therefore a matter for the Inquiry Members.

I am informed by the Central Bank that an Inquiry has commenced in connection with a building society and certain persons concerned in its management. It would not be appropriate for me to comment further at this time, as that Inquiry is still ongoing.