Dáil Éireann Debate, Tuesday - 29 January 2013
275. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 215 of 22 January 2013, if Irish Bank Resolution Corporation, in which he is the sole shareholder of 100% of the shares, can meet Central Bank of Ireland banking licence criteria as set out in the Licensing and Supervision Requirements and Standards for Credit Institutions. [4380/13]
View answerIBRC has a banking licence and is regulated by the Central Bank of Ireland. I have been advised that as disclosed previously in the Bank’s published accounts, IBRC is not in full compliance with Irish regulatory requirements because it is an organisation in wind-down. Page 14 of the 2012 Interim Report clearly discloses the following under "Regulatory Compliance Risk":
Regulatory compliance risk primarily arises from a failure or inability to comply fully with the laws, regulations, standards or codes applicable specifically to regulated entities
in the financial services industry. The Bank continues to operate as a regulated entity and, as such, is therefore subject to certain minimum prudential and other regulatory
requirements. At 30 June 2012, the Bank is not in full compliance with all Irish regulatory requirements. While the Bank ensures that the relevant Authorities are kept fully
informed in this regard, noncompliance may result in the Group being subject to regulatory sanctions, material financial loss and/or loss of reputation.
