Goldman Sachs Bank plc

the Central Bank has taken the following into account: • the regulatory capital maintained by the firm between 16 July 2008 and 17 December 2010 was at all times in excess of its capital requirements; • the firm notified the Central Bank and has taken appropriate remedial steps to rectify the breaches; and • the cooperation of the firm during the investigation and in settling at an early stage in the administrative sanctions procedure. The Central Bank confirms that the matter is now closed. -End- The Central Bank of Ireland has entered into a Settlement Agreement on 08 September 2011 with Goldman Sachs Bank (Europe) plc, a regulated financial services provider, in relation to breaches of regulation 16(3) of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992. The existence of proper systems and controls to ensure continuous and proper calculation of risk and regulatory capital requirements is essential to the maintenance of stable and properly financed financial service providers. The reliance on automated systems should therefore be tempered by adequate oversight to ensure that systems and controls are, and continue to be, comprehensive and proportionate.