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THE CENTRAL BANK has levied fines of over €27 million against financial institutions since 2011, including eight fines of €1 million.
The figures were revealed to Sinn Féin’s finance spokesperson Pearse Doherty by Finance Minister Michael Noonan.
This year, over €1.8 million has already been levied against financial institutions, with €1.75 million of that coming in an award against Western Union.
Last year, the largest sanction of all the 54 fines was imposed on Ulster Bank, following a major IT failure in 2012.
Combined Insurance were fined €3.35 million in 2011 for breaches of the Consumer Protection Code. The company was found guilty of over-insuring clients and failing to recommend the correct products. It also had to pay back €2.1 million to around 8,000 customers.
Other seven-figure fines saw Ulster Bank hit for €1.9 million for contravening liquidity regulations, Aviva fined €2.4 million for breaching a European insurance framework and Alico Life made pay €3.2 million for failing to enter receipts and not recording its assets correctly.
Quinn Insurance was fined €5 million for failing to manage its assets, but was in administration at the time, so the penalty was waived.
Since the commencement of the Central Bank (Supervision and Enforcement) Act 2013, the Central Bank can impose a penalty of €10 million or 10% of the turnover of a firm for breaches of the law.
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What’s the point in fining banks and businesses, they just pass the loss onto the public? Individuals need to be made to account and to suffer personal loss, then they might be more circumspect.
Managers and Directors in Civil Service, semi-State or any public businesses in Ireland do not take personal professional responsibility for their actions. This is one central part of that culture which needs to change, otherwise millions of euro will continue to be mismanaged and bad decisions taken!
How many days have irish bankers spent in irish jails in relation to the banks collapsing?
How much money was removed illegally from banks by hooded armed men in the last 40 years?
Is it a rare form of tourettes Tony? There must be some sort of medication.
i sure it nothing compared to, if you look at whats being lifted out of the public purse in the last five years under the guise of financial business.
Who gets the fine money and why?
Kbc bank wrote to me to tell me my high interest rate on my mortgage was to pay interest to deposit account holders and it was in keeping with the terms and conditions of my mortgage contract. When I proved this was wrong they stated screaming down the phone at me.
They then offered me a special circumstance facility so I could keep paying the high interest for the bank and put myself into difficulty.
I guess KBC bank will be fined for going outside the terms and conditions of my mortgage contract which clearly states the bank needs a prima Faciae case to charge high interest rates . I in for a windfall and the KBC bank in for heavy fines.
have your say