Dáil Éireann Debate, Wednesday - 19 February 2014
89. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if a citizen cannot make a complaint against a person working in a bank or a bank to the regulator even where the complaint involves criminality. [8497/14]
View answer90. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if a fine is levied on a person or a financial institution by the regulator while implementing the administrative sanctions procedure then immunity from criminal prosecution is automatically granted even where it has evidence that criminality has taken place. [8498/14]
View answer91. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if a person approaches the regulator with instances of wrongdoing in a bank even where it involves criminality or wrongdoing that has been perpetrated against them, the person will be informed that because the regulator is bound by the strict professional secrecy provisions in the 1942 Central Bank Act they cannot be informed whether the matter has been investigated or the outcome of any investigation. [8499/14]
View answer92. Deputy Pádraig Mac Lochlainn asked the Minister for Finance when a whistleblower comes forward with information in relation to wrongdoing in a bank that in accordance with the administrative sanctions procedure does the regulator inform the bank that it is aware that it is engaged in wrongdoing and order it to stop. [8500/14]
View answerI propose to take Questions Nos. 89 to 92, inclusive, together.
There is no impediment on any person from making any complaint to the Central Bank about a bank or an employee of a bank. The Central Bank may not, however, in every instance be the most appropriate authority to whom the compliant should be made. This will depend on the subject matter of the complaint.
Pursuant to Section 33AT of the Central Bank Act 1942, if the Central Bank imposes a monetary penalty in accordance with Section 33AQ or 33AR of the 1942 Act and the prescribed contravention in respect of which the sanction is imposed is an offence under a law of the State, the financial service provider or person concerned in its management is not liable to be prosecuted or punished for the offence under that law.
Conversely, the Central Bank may not impose a monetary penalty on a financial service provider, or on a person concerned in the management of the financial service provider, in accordance with Section 33AQ or 33AR, if-
- the financial service provider or other person has been charged with having committed an offence under a law of the State and has either been found guilty or not guilty of having committed the offence, and
- the offence involves a prescribed contravention.
In this context, it should be noted that, pursuant to Section 33AK of the Central Bank Act 1942, the Central Bank must report to the appropriate body, including the Garda Síochána, the Revenue Commissioners, the Director of Corporate Enforcement and the Competition Authority, any information relevant to that body that leads the Central Bank to suspect that a criminal offence may have been committed by a supervised entity or a supervised entity may have contravened a provision of an Act to which Section 33AK(3)(a)(vi) applies. In fulfilment of its obligations under Section 33AK of the Central Bank Act 1942, the Central Bank regularly liaises with other authorities. Also, the Central Bank has, on a number of occasions, publicly announced that it has suspended an on-going investigation under the 1942 Act in circumstances where further pursuing the investigation at the relevant stage risked prejudicing an on-going criminal investigation by the Garda Síochána.
The Central Bank is under no obligation to disclose the progress or outcome of an investigation to a complainant or whistleblower. In investigating a matter, the Central Bank is mindful of the rights of third parties, and the need to avoid prejudicing an investigation. Furthermore, the Central Bank is subject to the confidentiality obligations set out in Section 33AK of the Central Bank Act 1942.
Part 5 of the Central Bank (Supervision and Enforcement) Act 2013, Protection for Persons Reporting Breaches, and Part IIIC of the Central Bank Act 1942, the Administrative Sanctions Procedure, are entirely separate and distinct.Where information is received by the Central Bank from a whistleblower, that information is assessed and appropriate action will be taken by the Central Bank on foot of that information.
