Dáil Éireann Debate, Wednesday - 15 May 2013
111. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide a breakdown of monetary penalties imposed, including directions to refund or withhold moneys charged or paid, on each regulated body by the Financial Regulator in 2010, 2011 and 2012 [23120/13]
View answerA breakdown of the monetary penalties imposed as part of entering into settlement agreements with the Central Bank under Section 33AV of the Central Bank Act 1942 (as amended) is set out in the following table.
There have been no directions issued by the Central Bank to refund or withhold monies charged or paid during the period 2010-2012. It should be noted, however, that the Central Bank generally expects, as part of the process of reaching a settlement with a firm, that the firm rectifies the regulatory breach in question. In that respect, during the period 2010-2012, six regulated entities gave refunds to affected customers as part of the process of entering into a settlement agreement.
The Central Bank (Supervision and Enforcement) Bill which completed Committee stage last month provides for a system of customer redress where financial service providers engage in misconduct that is widespread or recurring and which causes customers loss or damage.
2012
|
- |
Rating |
€ |
Date |
|
Settlements |
17 |
||
|
Monetary Sanctions |
€8,492,900 |
||
|
2012 |
PRISM Rating |
Monetary Sanctions |
Date of Settlements |
|
Aviva Insurance Europe SE (ENF1) |
H |
€1,225,000 |
17/12/2012 |
|
Aviva Life & Pensions Ireland Limited (ENF1) |
H |
€1,225,000 |
17/12/2012 |
|
Community Credit Union (ENF2) |
ML |
€21,000 |
13/12/2012 |
|
Dolmen Stockbrokers Limited (ENF2) |
ML |
€20,000 |
12/12/2012 |
|
ICON plc (ENF2) |
N/A |
€10,000 |
21/11/2012 |
|
Ulster Bank Ireland Limited (ENF1) |
H |
€1,200,000 |
14/11/2012 |
|
Ulster Bank Ireland Limited (ENF1) |
H |
€760,000 |
14/11/2012 |
|
Gerard Geraghty t/a Geraghty & Co (ENF2) |
L |
€1,100 |
25/10/2012 |
|
Maurice Buckley t/a Maurice Buckley Insurance Investment Services (ENF2) |
L |
€800 |
24/10/2012 |
|
Irish Mortgage Corporation t/a Moneyzone (ENF1) |
L |
€65,000 |
23/10/2012 |
|
Bank of Ireland Mortgage Bank (ENF1) |
UH |
€120,000 |
02/10/2012 |
|
UBS International Life Limited (ENF2) |
MH |
€65,000 |
19/06/2012 |
|
Alico Life International Limited (ENF1) |
ML |
€3,200,000 |
29/03/2012 |
|
Hitachi Capital Insurance Europe Limited (ENF1) |
L |
€25.000 |
27/03/2012 |
|
Merrion Stockbrokers Limited (ENF1) |
MH |
€65,000 |
21/03/2012 |
|
Aviva Health Insurance Ireland (ENF1) |
ML |
€245,000 |
09/03/2012 |
|
Aviva Life & Pensions Ireland Limited (ENF1) |
H |
€245,000 |
07/03/2012 |
2011
|
- |
€ |
Date |
|
Settlements |
10 |
|
|
Monetary Sanctions |
€5,050,000 |
|
|
2011 |
Monetary Sanctions |
Date of Settlements |
|
Combined Insurance Company of Europe Limited |
€3,350,000 |
16/12/2011 |
|
Susquehanna International Securities Limited |
€60,000 |
13/12/2011 |
|
J & E Davy t/a Davy |
€50,000 |
08/12/2011 |
|
McSharry & Foley (Sligo) Ltd |
€10,000 |
24/10/2011 |
|
Goldman Sachs Bank (Europe) plc |
€160,000 |
08/09/2011 |
|
Pan Index Limited |
€40,000 |
25/08/2011 |
|
Aviva Investors Ireland Limited |
€30,000 |
20/07/2011 |
|
MBNA Europe Bank Limited |
€750,000 |
21/06/2011 |
|
Scotia bank (Ireland) Limited |
€600,000 |
02/06/2011 |
|
Patricia Clinton t/a Innovative Mortgage Service and Mr Frank Clinton |
N/A |
11/03/2011 |
2010
|
- |
€ |
Date |
|
Settlements |
8 |
|
|
Monetary Sanctions |
€2,248,700 |
|
|
2010 |
Monetary Sanctions |
Date of Settlements |
|
Allied Irish Banks plc |
€2,000,000 |
17/12/2010 |
|
NCB Stockbrokers Limited |
€100,000 |
16/12/2010 |
|
The Endowment Policy Purchasing Company Limited |
€23,500 |
09/11/2010 |
|
Inveralmond Insurance Limited |
€26,600 |
07/09/2010 |
|
Creation Insurance Limited |
€26,600 |
06/09/2010 |
|
Culleton Insurances Limited |
€27,000 |
15/06/2010 |
|
Allied Irish Banks, .p.l.c. |
€40,000 |
21/05/2010 |
|
Jim Mannion & Co (Insurances) Ltd |
€5,000 |
17/02/2010 |
