Bank can act against directors

The Central Bank of Ireland will be the only authority tasked with taking action against directors and board members of credit institutions when the new European-wide Single Supervisory Mechanism.

Speaking at the Deloitte Future of Prudential Regulation conference the deputy governor of the Central Bank, Cyril Roux, said the ECB will take over the power of fining banks for breaching EU capital rules, and the Central Bank will be “exclusively competent” for tackling people.

“The Central Bank will be exclusively competent to impose non-pecuniary administrative penalties on significant and less significant credit institutions. Again, the Central Bank may only open sanctioning proceedings against significant credit institutions upon the ECB’s instructions.