24 February 2016
December 2015 saw the Central Bank make four settlement agreements under its Administrative Sanctions Procedure (ASP).
The above settlements brought the total number of settlements entered into by the Central Bank in 2015 to nine, down from eleven in 2014. The maximum fine imposed in 2015 was €5 million, on Irish Nationwide Building Society (INBS).
2015 also saw the Central Bank initiate its first ever inquires under the ASP. The first inquiry was commenced in July 2015, against INBS and persons concerned in its management. In November, another inquiry was initiated against persons concerned in the management of Quinn Insurance Limited.
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