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Financial Services

Dáil Éireann Debate, Thursday - 3 March 2022

Thursday, 3 March 2022

Ceisteanna (250)

Neale Richmond

Ceist:

250. Deputy Neale Richmond asked the Minister for Finance the efforts that have been made to ensure all Irish financial institutions are clear of Russian influence; and if he will make a statement on the matter. [12177/22]

Amharc ar fhreagra

Freagraí scríofa

I understand the Deputy's question refers to Russian State influence and to Irish Banks. 

The Deputy will be aware that the EU has published details of further sanctions in response to the crisis in Ukraine (see www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-ukraine-crisis/). I am advised by the Central Bank of Ireland that the Bank has a dedicated webpage where supervised entities can access relevant information on these sanctions:

www.centralbank.ie/regulation/how-we-regulate/international-financial-sanctions/changes-to-the-russia-ukraine-regulations.

The Central Bank has also issued communiques to the Irish banks outlining the following:  

- It is imperative that firms have processes in place to operationalise these sanctions as they pertain to the business. Firms should be monitoring the situation closely given the potential for further sanctions.

- Firms are reminded of their obligation to ensure that they have robust controls in place, including policies and processes, to ensure that risks to the business are effectively identified, monitored and mitigated on an ongoing basis.

- Firms need to be aware of the significantly increased cyber threat landscape resulting from Russia's invasion into Ukraine. Firms need to be on heightened alert for cyber-attack and have measures in place to detect, defend and recover as needed, to both protect and ensure continuity of their operations. 

- Firms should assess their exposure to cyber risks, including indirect exposures via third parties, and keep a watching brief for advisories from the National Cyber Security Centre.  In particular, firms should review the below advisory which provides recommendations on actions firms should be already taking: www.ncsc.gov.ie/pdfs/TLP_WHITE_Heightened_Threats_Feb22.pdf.

I can further inform the Deputy that there is a robust framework in place known as the Fitness and Probity Regime that was introduced by the Central Bank Reform Act 2010.  It is critical to the protection of the public interest and to ensuring there is public trust and confidence in the financial system.

The core function of the Fitness and Probity Regime is to ensure that individuals in key and customer facing positions - referred to in the legislation as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs) - within a Regulated Financial Service Provider (Regulated Firm) are competent and capable, honest, ethical and of integrity and also financially sound.

The Central Bank's vision for the Fitness and Probity Regime is that Regulated Firms and individuals who work in these firms are committed to high standards of competence, integrity and honesty, and are held to account when they fall below these standards.

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