Central Bank imposes €575k fines

The Minister for Finance Michael Noonan has confirmed that the Central Bank has imposed fines totalling €575,640 to date this year in relation to administrative sanctions procedure cases.

In a written Dáil response to Fianna Fáil’s finance spokesperson, Michael McGrath, Mr Noonan confirmed that the fines concern four cases dealing with issues including breaches of large exposure requirements, transaction reporting failures, capital adequacy requirements and the Insurance Mediation Regulations.

One case related to the Central Bank fining Ava Capital Markets Ltd €165,000 for transaction reporting failures last month; while a second case saw it fine UniCredit Bank Ireland €315,000 for breaches of large exposure limits and the failure to have in place proper internal controls around large exposures.