Central Bank director urges banks to ensure regulations are followed

The reputation of Ireland Inc has taken a battering, and it is now up to the directors of banks and financial institutions to set an example and ensure regulations are observed, the Central Bank’s director of Enforcement, Peter Oakes, said yesterday.

He was speaking at the Central Bank Enforcement Conference in Galway.

Mr Oakes said there had been an increased level of enforcement activity in the past few years. Between 2006 and 2009, the Central Bank concluded 26 settlement arrangements — averaging 6.5 a year. Between 2010 and this month, this had increased to 30 cases — averaging 10 a year.