Surge in number of disclosures to banking regulator

Over 40 whistleblowers have reported concerns about irregularities in financial institutions to the Central Bank already this year.

New figures provided by Finance Minister Michael Noonan show a surge in the number of individuals making protected disclosures to the banking regulator.

Mr Noonan said over 40 reports from whistleblowers have been received by the Central Bank this year compared to the 50 recorded in all of 2016. Since new protection for persons making protected disclosures to the Central Bank came into force in August 2013, almost 200 whistleblowers have come forward with their concerns. The legislation also introduced new obligations on certain categories of officials in regulated firms to disclose breaches of financial services legislation to the Central Bank.