Bank probes administrative sanctions procedures

The Central Bank is currently investigating 29 firms under its administrative sanctions procedure which can see huge fines levied on firms.

In response to a parliamentary question from Fianna Fáil’s finance spokesperson, Michael McGrath, the Minister for Finance, Michael Noonan, said that the regulator was investigating a wide range of cases, but focusing in particular on breach of professional indemnity insurance requirements.

“I have been further informed by the Central Bank that its Enforcement Division currently has 29 open administrative sanctions procedure cases. These open cases cover the range of areas of the Central Bank’s supervisory responsibility. The issues under investigation also broadly align with the Central Bank’s public statement of its enforcement priorities,” he said.