I propose to take Questions Nos. 65 to 67, inclusive, together.
I have been informed by the Central Bank of Ireland that it is bound by strict confidentiality requirements under Section 33AK(1)(b)(i) of the Central Bank Act 1942, as amended regarding disclosure of supervisory information relating to firms.
The Central Bank has developed a framework for reviewing, assessing and mitigating risks which have emerged in various industry sectors and across individual firms. The overall themes or findings which emerge are published on the Central Bank's website, however, specific issues relating to individual firms are not published.
Dormant Account inspections, responsibility for which has been delegated to the Central Bank by the Minister for Social, Community and Family Affairs under Section 22 of the Dormant Accounts Act, 2001, do not fall under the category of themed reviews and inspections.
Where the Bank conducts themed inspections on matters relating to conduct of business rules, the overall/general findings are published, however, again specific issues relating to individual firms are not published.
I have been informed that the Central Bank entered into a settlement agreement with Merrion Stockbrokers Limited on 21 March 2012. The settlement related to breaches of Regulations 112 and 33(1)(a) of the European Communities (Markets in Financial Instruments) Regulations 2007 ("the MiFID Regulations"). Following the settlement, the Central Bank published a press release on 22 March 2012, which was agreed with Merrion Stockbrokers Limited as part of the settlement discussions. The Irish Times article of 23 March, to which the Deputy refers, would appear to be based on the information from the Central Bank press release.
