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Banking Licence Breaches

Dáil Éireann Debate, Tuesday - 5 February 2013

Tuesday, 5 February 2013

Questions (273)

Pearse Doherty

Question:

273. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 275 of 29 January 2013, if he will confirm when the Central Bank of Ireland first became aware of breaches at Irish Bank Resolution Corporation; and if he will detail the actions the Central Bank of Ireland has taken in response to the breach or breaches. [5615/13]

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Written answers

The Central Bank has informed me that in the context of efforts to address the difficulties in the Irish banking sector, it was made aware of the challenges faced by institutions to maintain minimum regulatory standards. The breaches were first reported in IBRC’s Interim 2010 accounts which cover the first six months of that year. In this regard and given Irish Bank Resolution Corporation’s balance sheet structure of a wind down entity and primary reliance on central bank funding to fund its assets, it is not possible for that entity to comply with certain minimum requirements as prescribed by the Central Bank of Ireland.

Questions Nos. 274 to 276, inclusive, answered with Question No. 271.
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