Central Bank of Ireland

Dáil Éireann Debate, Tuesday - 6 May 2014

Tuesday, 6 May 2014

Questions (156, 157)

Lucinda Creighton

Question:

156. Deputy Lucinda Creighton asked the Minister for Finance further to Parliamentary Question No. 77 of 17 April 2014, if the possible breach of the market abuse directive regulations, which has been referred to by a panel of assessors, includes the possible commission of a relevant offence under the Criminal Justice Act 2011; if he will confirm the total number of administrative sanctions procedure cases that the Central Bank of Ireland has conducted since 5 August 2011 which have resulted in a person employed by the Central Bank of Ireland having information which he or she knows or believes might be of material assistance in preventing the commission by any other person of a relevant offence under the Criminal Justice Act 2011 or securing the apprehension, prosecution or conviction of any other person for a relevant offence under the Criminal Justice Act 2011; and if he will make a statement on the matter. [20152/14]

Lucinda Creighton

Question:

157. Deputy Lucinda Creighton asked the Minister for Finance further to Parliamentary Question No. 77 of 17 April 2014, if the Central Bank of Ireland has conducted any internal review after the commencement of section 19 of the Criminal Justice Act 2011 into all administrative sanctions procedure cases prior to that date to determine whether any person currently employed by the Central Bank of Ireland had information which he or she knows or believes might be of material assistance in preventing the commission by any other person of a relevant offence under the Criminal Justice Act 2011 or securing the apprehension, prosecution or conviction of any other person for a relevant offence under the Criminal Justice Act 2011; and if he will make a statement on the matter. [20153/14]

Written answers

Minister for Finance

I propose to take Questions Nos. 156 and 157 together.

I am informed by the Central Bank that the possible breach of the Market Abuse Directive Regulations, 2005 has been referred to a panel of Assessors under Regulation 35 of the Market Abuse Regulations, to conduct an assessment as to whether or not a breach has occurred and, if so, what sanction, if any, the assessors consider appropriate. In the circumstances it would not be appropriate for me to comment publicly on the substance of a matter that is currently before the panel of Assessors.

Section 33AK of the Central Bank Act 1942, requires that the Central Bank report to the appropriate specified bodies, including An Garda Síochána, any information that leads the Central Bank to suspect that a criminal offence may have been committed by an entity supervised by the Central Bank. The Central Bank meets its obligations in this regard and regularly submits such reports to An Garda Síochána, including prior to the commencement of section 19 of the Criminal Justice Act 2011. Accordingly the question of a review of cases prior to the commencement of the Criminal Justice Act 2011 does not arise.

Since 5 August 2011 there have been forty two Administrative Sanctions Procedure settlements with the Central Bank. In those cases where suspicions of a criminal offence also arose, the Central Bank reported the matter to the appropriate specified body, including An Garda Síochána, as required under s33AK of the 1942 Act.