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Central Bank of Ireland Enforcement Actions

Dáil Éireann Debate, Thursday - 18 April 2019

Thursday, 18 April 2019

Questions (76)

Michael McGrath

Question:

76. Deputy Michael McGrath asked the Minister for Finance the number of enforcement proceedings initiated by the Central Bank in each of the years from 2016 to 2018 and to date in 2019, by type of licensed institution; the number of proceedings that have led to enforcement actions by the Central Bank; the value of fines, by type, that have been imposed in each year, in tabular form; and if he will make a statement on the matter. [18337/19]

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Written answers

The Central Bank of Ireland have provided the following tables setting out the number and details of concluded enforcement actions by the Central Bank in each of the years 2016 to 2019 (to date).

Enforcement actions against regulated firms and individuals under the Administrative Sanctions Procedure (ASP)

Year

Number

Fines Imposed

2019

0*

€0*

2018

10

€7,441,000

2017

11

€7,239,970

2016

9

€12,075,750

Total

30

€26,756,270

* Note: while there have been no concluded Enforcement outcomes under the ASP to date in 2019, there are a significant number of actions under way and it is expected that the number of outcomes for the year will be in line with previous years.

2018

 

Case Name

Sector 

Fine Imposed

Date 

1

Michael P. Walsh

Credit Institutions  

€20,000

22-Jan-18

2

Bastow Charleton Wealth Management

Investment Firm

€220,000

27-Mar-18

3

Appian Asset Management

Investment Firm

€443,000

13-Jun-18

4

St.Canice's Credit Union

Credit Union

€210,000

21-Jun-18

5

PartnerRe Ireland Insurance dac (PRIID)

Insurance

€910,000

16-Aug-18

6

Partner Reinsurance Europe SE (PRESE)

Insurance

€630,000

16-Aug-18

7

CitiBank Europe plc 

Banking

€1,330,000

03-Oct-18

8

E-Services and Communications Credit Union Limited

Credit Union

€155,000

24-Oct-18

9

Tom McMenamin

Credit Institutions

€23,000

06-Dec-18

10

RSA

Insurance

€3,500,000

18-Dec-18

2017

 

Case Name

 Sector

Fine Imposed

Date 

1

Kinsale Capital Management Limited

Investment Firm

€275,000

14-Feb-17

2

Drimnagh Credit Union Limited

Credit Union

€125,000

07-Mar-17

3

Allied Irish Banks plc

Banking

€2,275,000

24-Apr-17

4

The Governor and Company of the Bank of Ireland 

Banking

€3,150,000

26-May-17

5

Intesa Sanpaolo Life dac

Insurance

€1,000,000

23-Nov-17

6

Albert Reilly t/a Albert Reilly Insurance and Financial Consultants

Intermediary

€1,470

27-Nov-17

7

Lupton Financial Services Limited t/a Lupton & Co. Financial Services

Intermediary

€1,225

28-Nov-17

8

Lorna Heffernan Finance Limited

Intermediary

€1,050

30-Nov-17

9

Robert Moynihan

Intermediary

€1,225

01-Dec-17

10

Merrion Stockbrokers Limited

Stockbrokers

€200,000

12-Dec-17

11

BCP Asset Management DAC

Investment Firm

€210,000

18-Dec-17

2016

 

Case Name

Sector

Fine Imposed

Date 

1

Arch Reinsurance Europe Underwriting   dac 

Insurance

€275,000

15-Mar-16

2

Seamus Sutcliffe t/a The Mortgage Centre

Intermediary

€2,750

30-Jun-16

3

New Ireland Assurance Company plc.

Insurance

€650,000

13-Jul-16

4

Axa Insurance Ireland Limited

Insurance

€675,000

26-Jul-16

5

KBC Bank Ireland plc

Banking

€1,400,000

06-Oct-16

6

Capita Life and Pensions Services (Ireland) Limited

Intermediary

€1,150,000

11-Oct-16

7

Ulster Bank Ireland DAC

Banking

€3,325,000

27-Oct-16

8

Springboard Mortgages

Retail Credit Firm

€4,500,000

24-Nov-16

9

Bray Credit Union

Credit Union

€98,000

06-Dec-16

Further details of enforcement actions under the ASP can be found on the Central Bank website at the following link: https://www.centralbank.ie/news-media/legal-notices/enforcement-actions.

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