Pearse Doherty
Question:271. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 275 of 29 January 2013, if he will outline the nature of the breach or breaches referred to. [5613/13]
View answerTuesday, 5 February 2013
Questions (271, 274, 275, 276)
Pearse Doherty
Question:274. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 275 of 29 January 2013, if he will confirm if the breach or breaches to the terms of the banking licence have prevented or hindered Irish Bank Resolution Corporation in pursuing its objectives. [5616/13]
View answerPearse Doherty
Question:275. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 275 of 29 January 2013, if he will detail the actions taken by Irish Bank Resolution Corporation in response to the breach or breaches. [5617/13]
View answerPearse Doherty
Question:276. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 275 of 29 January 2013, if he will confirm if the European Central Bank has been made aware of the breach or breaches at Irish Bank Resolution Corporation; and if so, if he will provide the response of the ECB to the breach or breaches. [5618/13]
View answerWritten answers
I propose to take Questions Nos. 271 and 274 to 276, inclusive, together.
I have been advised that as disclosed previously in IBRC’s published account and as the organisation in wind down, IBRC is not in full compliance with Irish regulatory requirements. The Central Bank of Ireland, as the primary regulator of IBRC, is fully aware of this. Any breaches of certain technical requirements that apply to credit institutions do not impinge on the organisation in achieving its wind down objectives.
Page 18 of the Bank’s 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, non-compliance may result in the Group being subject to regulatory sanctions, material financial loss and/or loss of reputation.”