Ireland's Financial Regulator Releases Progress Report
Releasing its first annual report (covering the period from May 2003 to December
2004) on Tuesday, Ireland's financial regulator, the Irish Financial Services
Regulatory Authority, revealed that some 259 institutions had been obliged to
return EUR69 million to customers as a result of overcharging. However, the Authority's report stressed that the majority of such activity
was unintentional, resulting from human error or poor internal controls. Speaking to the Irish media following publication of the report, IFSRA chief
executive, Liam O'Reilly reportedly hinted in reference to the naming of Allied
Irish Bank as one of the offending banks that further overcharging institutions
could be made public in the future. However, he acknowledged that the body's actions in this area would likely
be cautious, in order to avoid being sued by a wrongly accused bank. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.