Depfa ACS fined €250k for suspected breach of rules

GERMAN-Irish bank, Depfa ACS has been fined €250,000 by the Financial Regulator over suspected breaches of rules pertaining to the Asset Covered Securities Act of 2001.

According to a statement published yesterday by the regulator, there was “reasonable cause” to suspect breaches occurred through the German-owned/ Dublin- headquartered bank failing, “on a number of occasions” to gain approval from either its cover-assets monitor or the regulator before amending entries in its register of public credit covered securities business.

Such approval is required under the 2001 Act. Furthermore, the Central Bank Act allows for the regulator to seek a financial settlement agreement with a party if it has suspicions “on reasonable grounds”.