Dáil Éireann Debate, Wednesday - 26 November 2014
58. Deputy Michael McGrath asked the Minister for Finance if he will provide a list of all fines greater than €100,000 imposed by the Central Bank of Ireland on financial institutions over the past six years; and if he will make a statement on the matter. [45548/14]
View answerSince the commencement of the Central Bank (Supervision and Enforcement) Act 2013, the Central Bank may impose a monetary penalty upon a body corporate or an unincorporated body of the greater of €10,000,000 or an amount equal to 10% of the turnover of a firm. In relation to breaches that arose prior to the commencement of the 2013 Act, the maximum penalty that the Central Bank could impose on a firm was €5,000,000. The 2013 Act also allowed for the doubling of the maximum administrative sanction to €1,000,000 for a natural person.
The Central Bank's Strategic Plan 2013 - 2015 sets out a strategy of assertive risk-based supervision underpinned by a credible threat of enforcement. Enforcement is an important tool to effect deterrence, achieve compliance and promote positive behaviour. The Central Bank will take enforcement action against regulated entities under its Probability Risk and Impact System (PRISM) supervisory model.
I have been informed by the Central Bank that the following table is a list of all fines greater than €100,000 imposed by the Central Bank by way of settlement agreement on financial institutions over the past six years. Details of fines paid to the Central Bank are available from the Central Bank's website www.centralbank.ie.
|
Institution |
Date |
Fine |
|
Quinn Insurance Limited ( QIL ) and Mr Sean Quinn Senior |
24/10/2008 |
€3,450,000 |
|
Irish Life & Permanent plc |
03/09/2009 |
€600,000 |
|
Merrill Lynch International Bank Limited |
22/10/2009 |
€2,750,000 |
|
DEPFA ACS BANK |
16/12/2009 |
€250,000 |
|
NCB Stockbrokers Limited |
16/12/2010 |
€100,000 |
|
Allied Irish Banks plc |
17/12/2010 |
€2,000,000 |
|
Scotiabank (Ireland) Limited |
02/06/2011 |
€600,000 |
|
MBNA Europe Bank Limited |
21/06/2011 |
€750,000 |
|
Goldman Sachs Bank (Europe) plc |
08/09/2011 |
€160,000 |
|
Combined Insurance Company of Europe Limited |
16/12/2011 |
€3,350,000 |
|
Aviva Life & Pensions Ireland Limited |
07/03/2012 |
€245,000 |
|
Aviva Health Insurance Ireland Limited |
09/03/2012 |
€245,000 |
|
Alico Life International Limited |
29/03/2012 |
€3,200,000 |
|
Bank of Ireland Mortgage Bank |
02/10/2012 |
€120,000 |
|
Ulster Bank Ireland Limited |
14/11/2012 |
€1,960,000 |
|
Aviva Insurance Europe SE |
17/12/2012 |
€1,225,000 |
|
Aviva Life & Pensions Ireland Limited |
17/12/2012 |
€1,225,000 |
|
Quinn Insurance Ltd |
18/02/2013 |
€5,000,000 |
|
Citibank Europe plc |
11/12/2013 |
€550,000 |
|
Allied Irish Banks plc |
17/12/2013 |
€490,000 |
|
Ava Capital Markets Limited |
04/03/2014 |
€165,000 |
|
UniCredit Bank Ireland p.l.c. |
13/03/2014 |
€315,000 |
|
FBD Insurance plc |
08/05/2014 |
€490,000 |
|
Squared Financial Services Limited |
16/05/2014 |
€100,000 |
|
Bank of Montreal Ireland plc |
21/05/2014 |
€650,000 |
|
Ulster Bank Ireland Limited |
06/11/2014 |
€3,500,000 |
