Dáil Éireann Debate, Wednesday - 28 June 2017
97. Deputy Pearse Doherty asked the Minister for Finance the action the Central Bank has taken after it asserted in correspondence to him that it had received false and misleading information in the context of its investigation into the motor insurance sector; and if he will make a statement on the matter. [30391/17]
Amharc ar fhreagraMy understanding is that the Deputy is referring to correspondence, dated 18 August 2015, from the then Governor of the Central Bank of Ireland, Patrick Honohan, to the then Minister for Finance, Michael Noonan TD, following a request under Section 6A of the Central Bank Act 1942.
I sought the views of the Central Bank on this matter and they have advised me that as part of the implementation of Solvency II, a condition of authorisation relating to this matter was applied to all firms. This condition states “The Firm shall not in any circumstances provide the Central Bank of Ireland with: (a) false or misleading statements concerning the operation of the Firm, or (b) information which it knows or ought reasonably to know to be false or misleading.” This condition is effective from 1 January 2016, the date of Solvency II coming into force. This condition is also applied to any new firms upon authorization.
The Central Bank has also indicated to me that it is limited by confidentiality provisions from discussing individual regulated firms or its investigations.
