Tag Archives: letter

From top: The Central Bank in Dublin; Opening page of a letter from the Central Bank to the heads of financial institutions in Ireland

Yesterday.

The Central Bank wrote a seven-page letter to the CEOs of financial institutions in Ireland about their obligations under the Fitness and Probity Regime introduced by the Central Bank under legislation in 2010.

Essentially, the letter reminds the CEOs that their responsibility to ensure staff adhere to fitness and probity laws does not stop after they hire a person – but that they must ensure staff adhere to these rules “on an ongoing basis”.

The letter states that while the obligations of individuals within the industry appear to be “well known”, firms appear to have a “less understanding” of these obligations.

The authors of the letter – Director General of Financial Conduct at the Central Bank Derville Rowland and Deputy Governor of Prudential Regulation at the Central Bank Ed Sibley – say that one issue of “particular concern” is due diligence on an “ongoing basis” in respect of certain employees who have a “controlled function” [CF].

The letter states:

“We have seen instances where serious issues have arisen which should have prompted a firm to ask itself if a particular person in a CF role was still ‘fit and proper’.

In one example, an individual had a significant judgment registered against them, such that questions arose over that individual’s financial soundness, but the firm failed to take any steps to satisfy itself that the individual still complied with the standards.

“Similarly, we have seen examples where individuals have been criticised publicly by other regulators and/or the courts for past actions. However, their current firms have failed to take any steps to assess whether those individuals are still fit and proper, and it has been left to the Central Bank to intervene.”

In addition, the letter raises concerns about institutions not informing the Central Bank about individuals who’ve been dismissed for fraud.

It states:

“We also see instances where Firms have identified fitness and probity concerns about an individual and have taken steps to address these, but have failed to
report those concerns to the Central Bank.

In some cases, the firms have gone so far as to suspend or dismiss the individuals for fraud but have neglected to report this to the Central Bank.

“In that scenario, the Central Bank is unable to consider an individual’s misconduct, in particular in respect of any future PCF [pre-approval controlled function] application that an individual might submit.

“To be clear therefore, where your Firm has any fitness and probity concerns regarding a person who is performing a CF role, and takes action on foot of those concerns, you must notify the Central Bank without delay.”

The letter also states that the Central Bank, under its ‘gatekeeper’ remit, is supposed to approve the promotion of people to certain senior positions in writing – after this approval is sought by the firm.

But, the letter states, some firms have not sought the Central Bank’s approval and, in certain cases, the individuals who were promoted “have been those roles for a considerable time“.

The letter adds:

“You, your board and any relevant committees play a critical role in ensuring that the right people are proposed as PCFs. It is crucial that you ask not merely whether a given candidate is competent, but also whether the individual acts with integrity at all times.”

The letter can be read in full here

Earlier: Nothing To See Here Ever

Thanks Breda

INM logo; Denis O’Brien (right) and former INM chairman Leslie Buckley

This afternoon.

Further to an alleged data breach at Independent News and Media.

It’s being reported that INM has written to individuals who may have had their data searched.

David Murphy, of RTE, has seen one of these letters.

He told Claire Byrne on RTE’s News At One earlier:

Claire Byrne: “What does it [the letter] say?”

David Murphy: “Basically Clare, what it is is INM setting out the timeline of events, what it knew, what it didn’t know and it has also outlined the new information it got from the Office of Director of Corporate Enforcement which is hoping to appoint inspectors to investigate business affairs at Independent.

“So, in a nutshell, really what it says is that the letter says to people that their data may have been searched.

Initially the company was informed that this search was looking for a long-term service contract but now it’s been informed by the Director of Corporate Enforcement that the search may have been more extensive and for a different purpose.

“And it says that there was a list of names and or people of interest and that the individuals who’ve received the letter were on that list.”

Byrne: “This is the 19 people that we’ve heard of.”

Murphy: “This is the 19, exactly.”

The company says it doesn’t know if any searches were undertaken or for what purpose but it says, based on the limited information currently available to INM, it seems possible that there were searches done.

The company said it didn’t know to whom any of the searches, search results, would have been provided.

“It says, in the letter, that information related to you may have been put at risk of an unauthorised disclosure which would have consisted of emails to and from INM and also digital files held on its servers where any reference to a named individual, as of October 2014.

Byrne:So if you’re one of the 19, if your name popped up anywhere on their system, regardless, outside of your email exchanges, they’re saying, that’s included as well.”

Murphy:That’s included. So it’s not just emails sent by an individual in INM, it’s also emails they would have received or emails sent by an external person who’s on the list going into INM, so you can see it’s actually quite broad in terms of the way the search could have been conducted.”

Byrne: “OK, and the email [letter] aswell firmly points the finger at who they believe was responsible here?

Murphy: “That’s right so what it says here is very clearly that the information was provided to a third party service provider under the instruction of the then chairman of INM. Now Leslie Buckley, last Friday, who was the chairman at the time, issued a statement because a lot of this material has arisen from an affidavit which is being lodged in the High Court by the head of Corporate Enforcement Ian Drennan.

“And Mr Buckley has said that he is going to defend robustly each and every allegation and he also was very disappointed by the way in which this information had come into the public domain as opposed to being raised in court where it could be perhaps challenged by someone’s legal representative.

“But today he’s saying he’s not commenting on the letter.”

Byrne: “Ok, but we will hear more about this in five days time, if not before, but in five days time, we have that court hearing.”

Murphy: “So, in five days time, the Director of Corporate Enforcement is due to go into court and outline his reasons why he thinks inspectors should be appointed into INM. With any court case, you never really know, sometimes, they’re adjourned, but that’s the date that’s in the legal diary.”

Byrne: “OK, David Murphy, thank you very much for that.”

Listen back in full here

INM confirms Buckley role in alleged data breach (RTE)

SPARK-Ireland tweetz:

When a pregnant abused mother goes to court and gets a safety order and explains to @welfare_ie why she can’t get maintenance, is it appropriate they then write threatening letters like this? Should vulnerable files not be flagged and protocols put in place?

Mick Minogue writes:

This little crumpled heart beat blew against my foot as I walked down Camden Street yesterday. Must have been making its way since Friday night. No name, no number, just the question of an IBAN and the search to a salt n’ vinegar heart. Hopefully this lost lad makes the valuable lodgement.

Anyone?

IrishWater_Mark_Colour_border

An independent water commission? Is the “Great Irish Fudge” now being served up with mugs of Irish Water? This traditional political confection contains generous amounts of common and exotic nuts.

It looks inviting, tastes sweet at first, but has a sticky consistency, a bitter aftertaste and inevitably costs more than the initial price tag suggests.

Regularly repackaged to appeal to the whimsy of its target market, its familiar scent wafts once again from Ireland’s “can’t stand the heat” political kitchens. As any time-pressed chef knows, serving up a tried and tested favourite, when all that’s left on the menu are old chestnuts and red herrings, guarantees at least some measure of reprieve in the last-chance saloon.

Patricia Mulkeen,
Ballinfull,
Co Sligo.

Mixing water and politics (Irish Times letters)

Screen Shot 2016-04-18 at 11.32.06Screen Shot 2016-04-18 at 11.27.08

The pedestrian-only plaza planned for College Green which will prevent traffic from crossing between College Green and Dame Street 

As a citizen of Dublin, I thank you for highlighting on several occasions the daft idea of banning buses from College Green.

Essential bus routes providing cross-city services linking northeast to southwest, and northwest to southeast Dublin, carry thousands of commuters every day. Approximately 23 routes travel along Dame Street, and a further 20 go around Trinity to Nassau Street.

In addition, there are large numbers of coaches bringing tourists and shoppers from the country into an area full of cultural attractions, businesses, shops, theatres, etc. The “hop-on, hop-off” sightseeing buses use these routes also.

The complete closure of College Green to buses would bring the city to a standstill, with increased levels of pollution along the quays and other streets, longer travel times for already hard-pressed commuters, and a further limit to access for people with mobility issues.

The current ban on private cars in this area has worked well for public transport, but the recent Luas works have shown how quickly the area becomes massively congested when access to College Green is restricted.

Between Macken Street bridge and Fr Matthew bridge there are six other bridges, only four of which carry traffic, and only one of which (O’Connell Bridge) is large enough to manage significant traffic flow.

Dublin Castle/Temple Bar/Trinity combine to form a significant barrier through which College Green, D’Olier, and Westmoreland streets provide the only “pass” for effective traffic movement.

It seems that Dublin City Council is reacting to the previous underprovision of cycle paths by overcompensating and bringing all motorised traffic in our already congested city centre to a complete stop!

Far more people travel by bus than by Luas or bicycle, yet it seems these are the only two forms of transport favoured by the council.

These changes are unnecessary and will have a detrimental effect on what is currently a well-functioning bus service. It is becoming almost impossible to travel across the city as it is. City-centre businesses are suffering.

Síle Uí Laighin,
Cluain Tarbh,
Baile Átha Cliath 3.

The plans for College Green will be available for public consultation until May 24.

Are plans for College Green daft? (Irish Times letters page)

Pics: Dublin City Council