Dáil Éireann Debate, Thursday - 18 July 2013
178. Deputy Michael McGrath asked the Minister for Finance if he will list and provide details of the separate investigations, under way or suspended at the Central Bank of Ireland, into various issues arising from the banking crisis which crystallised in 2008; and if he will make a statement on the matter. [36688/13]
View answerThe Central Bank has advised as follows in relation to their investigations into various issues arising from the banking crisis.
Anglo Irish Bank
In May 2011, the Gardaí informed the Central Bank, following consultation with the Director of Public Prosecutions, that to proceed with the Central Bank’s examinations at that time could prejudice any future criminal prosecutions. Accordingly, the Central Bank decided to defer its examination but will keep this decision under review. Given the seriousness and sensitivity of criminal proceedings and the strength of the sanctions available to the Gardaí and the Office of the Director of Corporate Enforcement (ODCE), this is the most appropriate approach to take where there is a reasonable possibility of multiple proceedings. Regular liaison with these agencies is continuing. In addition to the above, the Central Bank is carefully studying the various transcripts emerging recently in the national media. This is something that is viewed very seriously. The Central Bank is liaising with the Gardaí in this regard and is also examining whether or not any breaches of regulatory requirements may have occurred arising from the information contained in the transcripts.
Irish Nationwide Building Society
The Central Bank has advised that an investigation into historical lending practices at the INBS is at an advanced stage and, once concluded, decisions regarding any possible future enforcement proceedings will be made.
Quinn Insurance Limited
As noted in the Central Bank’s Annual Report for 2012, an investigation into certain matters within Quinn Insurance Limited is continuing.
For legal reasons, including the Bank’s confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can be disclosed at present.
