IPM Irish Life&P.Gp

 

TIDMIPM 
 
RNS Number : 5588Y 
Irish Life & Permanent PLC 
04 September 2009 
 

 
Settlement Agreement between the Financial Regulator and Irish Life & 
Permanent plc 
 
 
4th September 2009 
 
 
 
 
The Financial Regulator has entered into a Settlement Agreement with effect from 
3 September 2009 with Irish Life & Permanent plc in relation to breaches of 
regulatory reporting requirements. 
 
 
The Financial Regulator has reasonable cause to suspect that Irish Life & 
Permanent plc's internal control mechanisms failed to ensure the accuracy of 
certain regulatory reports in respect of its banking business provided to the 
Financial Regulator. 
 
 
The Financial Regulator reprimanded Irish Life & Permanent plc and required it 
to pay a monetary penalty in the sum of EUR600,000. 
 
 
This matter was detected by Irish Life and Permanent plc and promptly notified 
to the Financial Regulator on 3 March 2009. The Financial Regulator confirms 
that Irish Life and Permanent plc fully co-operated with the Financial Regulator 
and has been open and transparent throughout the examination. Irish Life and 
Permanent plc took prompt and complete remedial action to fully rectify the 
breaches. The matter is now closed. 
 
 
 
 
Notes: 
 
 
Financial Regulator 
1. The Financial Regulator was established on 1 May 2003. It is the single 
regulator for most financial services in Ireland. In July 2009, the Chairman of 
the Financial Regulator stated that the Financial Regulator had adopted a more 
intensive regulatory approach. It has also been announced that the Financial 
Regulator is establishing an enhanced enforcement function within a new 
Regulatory, Risk and Enforcement division. 
 
 
Administrative Sanctions Procedure 
2. New powers relating to the Administrative Sanctions Procedure were introduced 
by the Central Bank and Financial Services Authority of Ireland Act, 2004. 
 
 
3. The powers relate to the breach of a regulatory requirement by a regulated 
financial service provider and/or persons concerned in its management. A range 
of sanctions is available to the Financial Regulator such as a caution or 
reprimand; disqualification and fines up to EUR5,000,000 in the case of a 
regulated entity and EUR500,000 in the case of an individual. The Financial 
Regulator also has the power to publicise adverse sanctions findings and 
sanctions imposed. 
 
Settlement Agreement 
4. Section 33AV of the Central Bank Act, 1942 (as amended) ('the Act') provides 
that if the Financial Regulator suspects on reasonable grounds that: 
 
 
  *   A regulated financial service provider is committing or has committed a 
  prescribed contravention, or 
  *   A person concerned in the management of the financial service provider is 
  participating or has participated in such contravention, 
 
the Financial Regulator may enter into a settlement agreement to resolve the 
suspected contravention. 
 
5. The Financial Regulator expects firms to act promptly, to take the necessary 
remedial action to deal with its concerns before any settlement agreement can be 
contemplated. Settlement agreements shall be concluded only where the basis for 
settlement is consistent with the general approach to regulation the Financial 
Regulator adopts and is fair having regard to all the facts known and that to 
conclude a settlement agreement will contribute to the efficient, effective and 
economic use of resources. In cases where a financial service provider or 
individual enters into a voluntary settlement agreement early in the procedure, 
the terms of the settlement may reflect the saving in time, resources and money 
which results. 
 
 
6. The Financial Regulator used its statutory settlement powers in this case 
because the basis for settlement was consistent with the general approach to 
regulation the Financial Regulator adopts and is fair having regard to all the 
facts known. Concluding this settlement agreement will contribute to an 
efficient, effective and economic use of the Financial Regulator's resources. 
 
 
7. For legal reasons, the Financial Regulator does not comment on any potential 
or pending administrative sanction cases. 
 
 
 
 
 
 
 
 
Further Information: 
Ray Gordon 
Gordon MRM 
Ph: 01 6650452 
Ph: 087 2417373 
 
 
Barry Walsh 
Head of Investor Relations 
Ph: 01 7042678 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAFNLEEANEFE 
 

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