Irish Taxi Owners’ Co-op Credit Union Limited

the Central Bank has taken against a credit union since the Administrative Sanctions Procedure became fully applicable to credit unions in August 2013. The fine and reprimand demonstrates that the Central Bank will take enforcement cases against credit unions where deemed appropriate, to ensure the highest standards of regulatory compliance across the sector. It is important for all credit unions to comply with regulatory reporting requirements as it is one of the Central Bank’s key supervisory tools. The provision of accurate and timely information is essential in focusing our supervisory action in how we regulate and supervise credit unions, to enable the Central Bank to fulfil its mandate in protecting members’ funds and safeguarding the financial stability of the sector. The Central Bank’s enforcement priorities in 2014 and 2015 identify our on-going focus on ensuring that all firms comply with their regulatory requirements in a timely, complete and accurate way and have sound and tested internal systems and controls to support full compliance.” 3 Background: This investigation was initiated following failures by the Firm to comply with the requirement imposed upon it to submit Prudential Returns within certain timelines, despite reminders being issued by the Central Bank to the Firm for these Prudential Returns to be submitted.