Warning over improper dealing

IMPROPER dealing from companies based in the IDFSC in Dublin will not go unpunished, the head of the Irish Financial Services Regulatory Authority (IFSRA) warned yesterday.

In his first remarks since the regulator began investigating the reinsurance firm General Re, the IFSRA chief executive, Liam O’Reilly, said there was no room in Ireland for any improper activity.

Since last August, investigators from IFRSA and regulators in Australia and the United States have been probing the Dublin branch of General Re and its subsidiary, Cologne Re.