Since 2006, the CBI has concluded more than 100 transactions with companies and individuals under PESCO and has imposed fines of more than €60 million. Fines have generally increased – 2016 was the largest annual value to date, with €12.05 million. While no investigations have yet been conducted against regulated companies, some are ongoing involving individuals. One of last year`s comparisons was with a former director of Quinn Insurance Limited (Under Administration) (“QIL”). The CBI had referred the person`s case to Inquiry, but confirmed in the report that the transaction concluded the investigation into him. Curiously, no other details regarding this transaction have yet been disclosed by the CBI or published on its website. At a time when companies are trying to jealously protect their reputation, the publication of the finer details of the transaction agreements aims to guarantee the maximum publicity of the transaction, much to the chagrin of the sanctioned company. It also serves as a strong reminder to other companies that the central bank has teeth and does not hesitate to use it. Of the 40 transaction agreements concluded by the Central Bank during the period 2016-2020, the breach was detected in the vast majority of cases by the Central Bank through the use of its own monitoring and investigation tools, mainly thematic audits and on-site inspections.
Out of about forty comparative agreements examined, it would appear that, in only 6 or 7 (15%) of the cases, the company was itself responsible for identifying the potential infringement and notifying the central bank of the case. However, even in these cases, companies that took the initiative to self-report infringements were fined a large amount of between €185 million and €3.5 million, with an average of €1.3 million. Management bodies and management should continuously evaluate the transaction agreements concluded by the central bank and check whether there are lessons to be learned from those that can be applied in their own enterprise. If we simply consider the number of transaction agreements concluded so far in 2020, i.e. a total of 4, we can see that the range of sectors concerned and the number of companies concerned have decreased by 7 in 2019. . .