Dáil Éireann Debate, Friday - 16 December 2016
137. Deputy Michael McGrath asked the Minister for Finance the fines greater than €100,000 imposed by the Central Bank on financial institutions over the past three years; and if he will make a statement on the matter. [40669/16]
View answerI am advised by the Central Bank that it imposed fines in excess of €100,000 on eighteen financial institutions over the past three years.
Details of these fines are provided by the Bank in the following table:
|
|
Entity's Name |
Date of Settlement |
Fine Imposed |
Contravention |
|
1 |
Arch Reinsurance Europe Underwriting dac |
15/03/2016 |
€275,000 |
Breaches of the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2010. |
|
2 |
New Ireland Assurance |
13/07/2016 |
€650,000 |
Breaches of the Consumer Protection Code 2012. |
|
3 |
Axa Insurance |
26/07/2016 |
€675,000 |
Breaches of the Minimum Competency Requirements 2006, the Minimum Competency Code 2011 and the Consumer Protection Code 2012. |
|
4 |
KBC Bank Ireland plc |
06/10/2016 |
€1,400,000 |
Breaches of the Code of Practice on Lending to Related Parties 2010, and the Code of Practice on Lending to Related Parties 2013 |
|
5 |
Capita Life and Pensions Services (Ireland) Limited |
11/10/2016 |
€1,150,000 |
Breaches of the Investment Intermediaries Act, 1995 and the European Communities (Markets in Financial Instruments) Regulations 2007. |
|
6 |
Ulster Bank Ireland DAC (formerly Ulster Bank Ireland Limited) |
27/10/2016 |
€3,325,000 |
Breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010. |
|
7 |
Springboard Mortgages Limited (trading as Springboard Mortgages) |
24/11/2016 |
€4,500,000 |
Breaches of the Consumer Protection Codes 2006 and 2012 in relation to tracker mortgages. |
|
8 |
Western Union |
19/05/2015 |
€1,750,000 |
Breaches of its obligations under the Criminal Justice (Money Laundering and Terrorist Financing Act 2010). |
|
9 |
Irish Nationwide Building Society |
15/07/2015 |
€5,000,000 |
Breaches of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395/1992) (as amended), the Building Societies Act 1989 (as amended), and Part 1 of the Credit Institutions Regulatory Document Impairment Provisions for Credit Exposures dated 26 October 2005 which was imposed as a condition on INBS s authorisation pursuant to Section 17 of the Building Societies Act 1989. Fine waived in the public interest as Irish Nationwide has no assets. |
|
10 |
Octagon Online Services |
09/12/2015 |
€105,000 |
Breaches of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007). |
|
11 |
Computershare Investor Services Limited |
17/12/2015 |
€322,500 |
Breaches of the Client Asset Requirements imposed pursuant to Regulation 79 European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007, as amended). |
|
12 |
Ava Capital Markets Limited |
06/03/2014 |
€165,000 |
Breaches of the European Communities (Markets in Financial Instruments) Regulations 2007. |
|
13 |
UniCredit Bank Ireland p.l.c. |
13/03/2014 |
€315,000 |
Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 and of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992. |
|
14 |
FBD Insurance plc |
08/05/2014 |
€490,000 |
Breaches of regulatory requirements contained in the Consumer Protection Code 2006. |
|
15 |
Squared Financial Services Limited |
16/05/2014 |
€100,000 |
Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. 661 of 2006) and the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007). |
|
16 |
Bank of Montreal Ireland plc |
21/05/2014 |
€650,000 |
Breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (S.I. 661/2006) (as amended) and of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. 395/1992). |
|
17 |
Ulster Bank Ireland |
12/11/2014 |
€3,500,000 |
Breaches of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992. |
|
18 |
Provident Personal Credit Limited t/a Provident |
01/12/2014 |
€105,000 |
Breaches of the Consumer Credit Act, 1995, the European Communities (Consumer Credit Agreements) Regulations, 2010 (S.I. 281 of 2010) and the Consumer Protection Code for Licensed Moneylenders.
|
