Dáil Éireann Debate, Tuesday - 23 March 2010
180 Deputy Richard Bruton asked the Minister for Finance the number of indictable offences contained within the Central Bank Acts 1942 to 2004; and the number of summary offences contained within the Central Banks Acts 1942 to 2004. [12252/10]
Amharc ar fhreagra181 Deputy Richard Bruton asked the Minister for Finance further to Parliamentary Question No. 49 of 28 January 2010, the number of prosecutions brought for offences under the Central Bank Acts 1942 to 2004 in each of the years 2004 to 2009; the number of prosecutions on indictment brought in each year; the number of summary prosecutions brought in each year; the number of convictions on indictment obtained in each year; the number of summary convictions obtained in each year; the reason in his previous answer to the same question he addressed the number of administrative sanctions imposed but not the number of prosecutions brought. [12253/10]
Amharc ar fhreagraI propose to take Questions Nos. 180 and 181 together.
In August 2004 under the Administrative Sanctions Procedure (ASP), the Financial Regulator was given the power to impose Administrative sanctions on "regulated financial service providers" and on "persons concerned in the management of those entities" for breaches of prescribed contraventions of certain Designated Acts and Statutory Instruments.
Following a public consultation, in October 2005 the Financial Regulator adopted a general policy of dealing with cases where prescribed contraventions were also potentially criminal offences, under the ASP, instead of bringing summary prosecutions. This is in light of the limited penalties available pursuant to summary criminal prosecutions.
In 2005 the Financial Regulator was also given additional sanctioning powers under the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the Market Abuse ASP) (to impose sanctions on various entities) and under S.I. No. 324 of 2005 — Prospectus (Directive 2003/71/EC) Regulations 2005. In 2007 the Financial Regulator was given further sanctioning powers under S.I. No. 277 of 2007 — Transparency (Directive 2004/109/EC) Regulations 2007. I am informed that to date the Financial Regulator has imposed Fines amounting to €7,372,500, 7 Disqualifications ranging from 1 to 5 years and 19 Reprimands. Details of all sanctions in any given year are published annually in the Financial Regulator's Annual Report. The sanctions imposed to date are broken down as follows:
2006
Sanctions were imposed under the ASP on 2 regulated financial service providers and upon 3 persons concerned in the management of those entities. These resulted in 3 individuals being disqualified from being persons concerned in the management of regulated financial services provider for a specified period [5 years and 18 months].
2007
Sanctions were imposed under the ASP on 4 regulated financial service providers. These resulted in: 3 Reprimands being imposed; and 1 Disqualification for a specified period [2 Years].
Market Abuse ASP Procedure: Sanctions were imposed upon 1 Company and 1 individual. These resulted in a fine of €5,000.
2008
Sanctions were imposed under the ASP on 9 regulated financial service providers and upon 5 persons concerned in the management of those entities. These resulted in: 10 Fines being imposed which totalled €3.695 million, 9 Reprimands and 2 Disqualifications for specified periods [5 years and 1 year]
Market Abuse Administrative Sanction Procedure: Sanctions were imposed upon 1 Company. These resulted in a fine of €10,000.
2009
Sanctions were imposed under the ASP on 10 regulated financial service providers and upon 1 person concerned in the management of those entities. These resulted in: 6 Fines being imposed which totalled €3,672,500, 8 Reprimands and 1 Disqualification for a specified period [2 years].
The Deputy will be aware that there are a number of offences contained within the Central Bank Acts 1942 to 2004. I have asked my officials to compile the relevant information. I will write directly to the Deputy when the information comes to hand.
182 Deputy Richard Bruton asked the Minister for Finance the titles, responsibilities, grades and professional qualifications of all staff employed in the Office of the Financial Regulator; if there are any unfilled positions within this office; and the titles, responsibilities and grades of all unfilled positions. [12254/10]
Amharc ar fhreagraIn accordance with the Central Bank of Ireland Act 1942 (as amended), the employment of staff in the Irish Financial Services Regulatory Authority (other than the Registrar of Credit Unions and the Chief Executive of the Authority) is a matter solely for the Board of the Bank, the Regulatory Authority and the Governor and is not a matter in which I have a role.
However, I am informed by the Authority that its approved manpower complement for 2010 is some 533. Of this, some 41 posts (8%) are at senior management level; some 349 posts(65%) are at senior officer level and some 143 posts (27%) are at clerical/administrative support level. There are about 160 vacant posts.
In March 2009, 81% of the Financial Regulator's staff held a minimum of a third level qualification or higher; 44% had qualifications at primary or master degree level; 21% held a professional accounting, legal or actuarial qualification; 16% held other qualifications, including Certificates and Diplomas, such as the Qualified Financial Advisor Diploma. Since then, 47 staff were recruited for regulatory departments. Of these, two hold PhD qualifications; 26 have master degrees or professional accounting, legal or actuarial qualifications; 14 hold a primary degree and two have diplomas.
Arrangements for the filling of vacancies at senior management level are in the final stages of the recruitment process. In recent weeks a large number of technical positions (aimed at senior officer level) have been advertised to fill some 80 positions within the organisation. This recruitment is aimed at widening the Regulatory Authority's expertise in the following areas: credit, treasury, market risk, legal, enforcement and policy. The Authority expects that a large number of these posts will be filled in the summer months. The remaining posts, which include a number of clerical or administrative positions, will be addressed shortly.
183 Deputy Richard Bruton asked the Minister for Finance his plans to consolidate or reform the Central Bank Acts 1942 to 2004; the position regarding such plans; his further plans to bring amending legislation; and when such legislation will be published. [12255/10]
Amharc ar fhreagraIt is my intention to bring forward a Bill to consolidate the Central Bank Acts as part of a three stage legislative process. A Bill to give effect to institutional reforms within the Central Bank and Financial Services Regulatory Authority will be published very shortly. A second Bill to enhance the powers and functions of the Bank will follow. These Bills will form part of the Central Bank Acts and the publication of a consolidation Bill would not be appropriate until the first two stages of the process are complete.
