Then, no sooner had the banks been bailed out with €64bn of public money, than they were discovered to be at it again, breaching contracts with tens of thousands of tracker mortgage holders. It took persistent intervention by the Financial Regulator to force banks to own up to their betrayal of trust with customers, some of whom lost their homes as a result, and to finally deal with the matter and pay compensation. Yet as recently as July 2020 new cases of tracker mortgage abuse were still surfacing.
In what seemed like desperation, a “last chance” for the banks, according to Junior Minister Michael D’Arcy, the Irish Banking Culture Board (IBCB) was established in April 2019. The mission of the IBCB, chaired by a retired judge, is: “To make banking in Ireland trustworthy again.”
Miriam Lord: Central Bank recommends a shot of vitamin D for the Davy gang For Derville Rowland, the silver bullet is a shaft of sunlight through the company wallet
Tue, Mar 9, 2021, 22:15 Updated: Tue, Mar 9, 2021, 22:45
What they need is a good spell of sunshine to teach them a lesson.
It’s the only thing they understand, apparently.
“We believe sunshine is the best disinfectant,” the Van Helsing of the banking world told Tuesday’s Oireachtas finance committee. Members were agog when the Central Bank’s chief shyster-hunter explained how these otherworldly creatures can’t cope with the cleansing light of publicity shining upon them. It’s the best way to bring them down.
Ignorance used as an accountability firewall
Updated / Wednesday, 10 Mar 2021
10:25
The proposed Senior Executive Accountability Regime would remove ignorance as an excuse, and hold individuals accountable for their actions
The Central Bank of Ireland has said it needs more extensive powers to pursue individual accountability as the fallout over a 2014 bond transaction by Davy continues.
Derville Rowland, the Director General of Financial Conduct at the Central Bank, told the Oireachtas Finance Committee yesterday that Ireland s regulatory framework requires further strengthening with regard to individual accountability .
The regulator has powers under the Administrative Sanctions Procedure to sanction individuals but it can only do that if the individuals actually participated in a breach by the firm.
Central Bank to tell committee stronger regulatory framework needed in wake of Davy controversy
The scandal has led to fierce criticism of the firm, and its CEO resigned at the weekend. By Cónal Thomas Tuesday 9 Mar 2021, 9:54 AM Mar 9th 2021, 9:54 AM 8,696 Views 49 Comments
Image: RollingNews.ie
Image: RollingNews.ie
A SENIOR CENTRAL Bank representative will tell an Oireachtas Committee today that Ireland needs a stronger regulatory framework to hold individuals accountable for breaches.
Director General of Financial Conduct at the bank Derville Rowland will make her comments following a fine of €4.1 million against stockbrokers Davy after a probe found four breaches of market rules by the company between 2014 and 2016 in relation to a bond transaction.