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Updated 13.29
AN AMERICAN FINANCIAL trading company will have to pay €78,000 to the Central Bank after failing to report over 90,000 transactions.
Susquehanna International Group (SIG) was found to have breached European financial regulations five times between November 2008 and December 2012.
In a statement, the Central Bank says that in that time period, SIG failed to report a total of 91,034 transactions and failed to establish adequate policies and procedures to ensure compliance with regulations.
The Central Bank has formally reprimanded the company, imposing a fine of €78,000 for the breaches, one of which was brought to the attention of regulators by the company themselves.
The Central Bank statement goes on to say that the company, who recently hit the headlines by moving into the former AIB International Centre in the IFSC, turned over all documents related to the breaches.
“The Firm explained that three of the breaches occurred due to different technical issues and one of the breaches occurred due to human error,” says the statement.
The errors, the Central Bank says, led to concerns about the procedures being relied upon in the company. The Central Bank statement added that the fine imposed reflects “the importance the Central Bank places on accurate and timely reporting of transactions in financial instruments reflect the importance the Central Bank places on accurate and timely reporting of transactions in financial instruments”.
This is the second time SIG has been fined by the Central Bank, having to pay €60,000 in 2011 for failing to report 335,000 financial transactions.
SIG could not be reached for comment.
First published 12.43
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No point in having an election, is there?
@Oh Mammy: Tired jim, and the Doe Tool will soon let you know.
@Oh Mammy: Democracy doesn’t always work.
@James T.Kirk: democracy is not the problem
@James T.Kirk: When does democracy NOT work? Democracy selects a government which represents the wishes of the people. Now, whether the Government works or not is a different question.
@Oh Mammy: “The people want change”….So did you vote? “Nah couldn’t be bothered”.
People need to vote if they want to inact change. It is a cop out to say “oh there is no point voting….”
@Sal Paradise: i did indeed. But hard to find a change agent.
@Oh Mammy: Shame on anyone who voted ff and fg with 4.000 children without a home and 15.000 homeless and rising. Hang your heads in shame all those who voted for them
@Dave G Doe: your a discrace 15.000 people homeless and 4.000 children homeless .enjoy you Christmas bonus and your children allowance bonus u moocher .
@Oh Mammy: well, a fantastic result for us advocating the ‘green’ agenda…… that TAX party had zero interest in furthering climate change or global warming initiatives or policies. Delighted to see them unceremoniously chucked OFF the gravy train.. ..TAXING people to within an inch of their lives was totally counter productive
@Oh Mammy: democracy works, just not always the way we want it to. We lost this time because of there was so much apathy. Hopefully next time out with more big parties in government and likely no proper change from the lot we have to endure the public won’t feel so lethargic
A politicians motto.Those are my principles and if you don’t like them I have others.
@Patrick Westman: Good old Groucho Marx!
@Patrick Westman: politicians and principles should never be used in the same sentence
A ministry in transport might suit Verona.The price of fuel to come down and therefore one of the main drivers of the cost of living.Also a minority government might suit FFG.The older independents like Lowery etc are hardly going to risk bringing them down now being so close to the gold plated pensions.
@Willie Marty: She’d flood the country with cheap labour handing out Work Visas to every Tom ,Dick and Harry.
@Willie Marty: Willie, Lowry could have retired years ago and got his pension but he has decided to stay in politics and he gets voted in every time and tops the poll.
More importantly Labour had a good election.
@Paul O’Mahoney: labour dont want to go in alone so why would FFG risk it when a few independents would keep them in power for the full term.
@Willie Marty: I never said they’d go in , if they did I would like to see SD joining to balance the cabinet and policy….Having say 90 /91 is a slim majority and no balance on policy.
@Paul O’Mahoney: you may be right.I was merely pointing out what our fickle policitians may do.Of course the best thing to do would be to pick the best and most qualified people from all the parties to steer the country through what could be a turbulent period ahead.But of course that wont happen.
@martin lawlor: we do have 26400 job vacancies at the moment. We also have about 125000 unemployed.
@martin lawlor: correct me if I’m wrong but I thought she was anti immigration.
@James Leahy: She said a few things in 2019 but I’d say most of her employees are foreign.
@martin lawlor:
Well, most would agree that housing is the biggest issue at the moment so I hope she does,
It’s the only way we are going to get the labour to build houses.
@Paul O’Mahoney: ok. Just wondering why she left FG.
@martin lawlor: you are so right Martin, she was chomping at the bit to bring hgv drivers from outside the EU, so they can be wages under the minimum pay rate. This has been done with the meat industry, now the transport industry and they are trying to do it with the construction industry. She is fine gael to the bone. She would be well in the party by now, only fir the comment she made about the Cream Crackers! And the comment is what got her elected as an independent the first time.
The woman is dangerous, toxic and and snake in the grass. She is not to be trusted.
@den: PAY wages
@James Leahy: Not when it comes to filling Truck Driver’s seats for her friends in the RHA
@Paul C: Hi Paul,You might do a bit of research before throwing out a random comment that has no relevance to the comment I made.
@P. J.: There’s no point driving down the cost of wages and then expect the very same people who build them to buy them.It’s a False economy P.J.
Did we learn nothing from the last crash.
@den: Thank you Den,I know enough and have been around the industry long enough to know Ms.Murphy is only out for Ms.Murphy and certain cohorts who have invested interests in having people like her in power.
She was very good when part of the PAC but she’s primarily in there to benefit some not all.
@martin lawlor:
So protecting people’s wages is more important than actually building enough houses to house people.
@P. J.: And do you propose people pay for houses at the current prices by driving down wages????
You do realise that the people who build the houses might want to buy a house themselves???
Did you think that through???
@martin lawlor: So you believe that immigration is being allowed to drive wages down? We have a minimum wage
it’s unlikely that this would happen in the majority of cases.
Labour as an important economic resource tends to move with supply and demand, and skills do plan a part too. If say a roofer comes into Ireland and his qualifications and experience checks out surely, he would be paid the going rate.
Building in Ireland now is controlled by large companies that have standards to keep So I doubt very much your thesis would stand up to actual analysis.
You say you have a lot of experience but is your experience relevant?
@Paul O’Mahoney: Alot of experience in the Transport Industry Paul,so yes ,my experience is relevant to the opening statement to which I referred and replied too.The above reply to my initial comment veered in a different direction towards construction etc, to which i replied driving down wages by immigration will not solve the housing crisis or any Industry with regards to that matter.My thesis Paul is real life experience on the ground not out of a text book.
@Paul O’Mahoney: And before you reply with you’re characterisation Paul, I’m all for Immigration in a controlled way that prevents exploitation for all.
@martin lawlor: That’s fair enough.
@Paul O’Mahoney: @Paul O’Mahoney: there are companies Paul bringing in workers from outside the EU, so the can legally pay them below the minimum wage, around 7 to 8 euro per hour. It’s going on for years now, Verona was a great advocate for this practice.
Around 20 years ago a HGV driver was on roughly 20 to 22 euro per hour, not near this now. And definitely not the non European drivers.
@Paul O’Mahoney: Labour are only in play because the Green party were absolutely toxic
The myth is that any politician does anything beyond a few potholes. Is there somewhere we can find out who the real decision makers are?
@Jack: Unfortunately you are close to the truth here. We have developed a system where power resides within the cabinet, and then mainly with the senior cabinet positions. All other TDs are then no more than glorified local councillors, fighting to get favours done for their local constituency.
@Jack: But that is the corner stone of our democracy and in truth democracy is local, no matter where you look. I have never once seeing a policy by any party that was strategic and for the betterment of the country.
Decisions are made in Cabinet and in Ireland those are sold to electorate via TDs .
Plato said ” to contrive a magnificent myth that itself sell to the entire community ”
There’s a book , small, and I recommend everyone to read it…its called ” Congressman X” that’ll tell you what their priorities are.
@Paul O’Mahoney: Some form of list system would remove local issues from the Dáil.
@Me Me: Dunno if that would work to be honest, I’d like to see each county have a senator and they would be ultimately responsible for local stuff, and have elections mid term of the GE then parish pump stuff would remain locally allowing the GE to focus on bigger issues.
Two chances of that happening.
@Me Me:
While that might be a good idea I’d it wouldn’t have a snowballs chance in hell of being passed.
Too many people think the local TD got them that council house, that pension entitlement, that pothole filled.
Might reduce the amount of woke nonsense.
@daragh harmon: woke definition….. anything I don’t like.
So, the question has to be asked; has the agent identified by gardai as COBALT been re elected?
Any Independant that props up this government should get ready to receive every last complaint and criticism from the people. No point even mentioning FF and FG anymore. Every failure and frustration in this country should be directed at anyone that props them up. Enjoy the full poisoned chalice.
@GoodBrother:
And they all hope people like you do exactly that.
People should have worked it out by now that criticism from outside their constituencies is the best possible vote winner for them.
The likes of the Healy Reas, Lowery , Verona Murphy and (almost) Hutch absolutely thrive on it!
@GoodBrother: So if you can’t get FFG out as there is no credible opposition you advocate attacking independents who are elected to help their constituency. Weird one .
€53,350 VAT tax I paid to FG and FF for my house -obscene. No VAT on homes in any other country.
€636 car tax I paid every year since 2008 to FG and FF. My neighbour pays just €190. Obscene.
No tax on jet fuel – daft
All politics is local and nothing more local than a man’s wallet.
@Neuville-Kepler62F: So you paid 395k for your house, well done, your car must a large one if your tax is that much …..appears you’re doing alright…again well done.
Why even talk to the Toxic left, they do not need them.
Listen, I’m gay. And that’s all I have to say on the matter.
@Stephen: Listen, I’m straight. And that’s all I have say on the matter. Like who cares Man?!
@Stephen:
Hah, ghey!
Parity of esteem. What happens if either of these two parties has 11 seats fewer. Will that get the lesser party parity of esteem? If FF do go with FG then they are setting a benchmark, a precedence. Interesting times ahead come general elections.
@AnthonyK: What’s the alternative? They’re definitely going into coalition what they agree on in the program for Government is another thing…..and I predict that both of them will be Toaiseach too.
@Paul O’Mahoney: Absolutely and its a wonderful thing seeing the SF dirt out in the cold once again.
@AnthonyK: the precedent was set long ago. Once upon a time FFFG was unthinkable, however its the norm for a while now.
@Jack: Long may it continue and the pedo shinners out
Vomit
And Ireland long a nation has stagnation yet again
@Sean Callan: Are you referring to economic stagnation or mental stagnation , the former probably won’t happen the latter could be debated.
want to stop them muzzies coming into ireland they just getting going
@Gerry Lynch: Why if you read the Quoran, yes it’s available in English, you might get a different view. Muslims are in the main good people yes they have a lot of nutters who hijack the Quoran for their ” wars” the last word is ” peace” and they like us are human beings.
@Paul O’Mahoney: just watch whats coming when they get numbers up look at wexford other day imagine what they do to us when they do that to a child waken up
@Gerry Lynch: So, a terrible incident/murder where one person has been arrested is meant to be the excuse to hate an entire people. You know Irish people have killed children too, but you’re OK with that as most Irish aren’t Muslim.
It’s people of your ilk that’s a bigger risk to this country than those coming in, you are stuck in ignorance and hatred and 99.99% don’t think like you.
@Gerry Lynch: bigot
Soc Dems are just a debating society with no interest into going into government..labour and soc dems should go in together with ffg.
@morgan crowe:
FFG has absolutely no intention of going for that.
Let have another election in February, the out come would be a complete different kettle of fish.
@Jimmy Kiely: Why we just had one and we aren’t due another until 2029……
@Jimmy Kiely: It would not be in the slightest
@Trump24: I beg to differ, the Fine Gael fell in a number of months in the past, for trying to introduce taxes in children’s shoes. And we had a number of elections in succession after that.
@Paul O’Mahoney: we due an another one if a new government can’t be formed after the uncertainty of the previous election, where no one party has a mandate for govern.
@Jimmy Kiely: Yes the 1980s, we had mass unemployment 3 Governments in 18months highest tax rate around 70% emigration double today’s and by bus and ferry………are you trying to say what happened 40 years ago is relevant now?
@Jimmy Kiely: A government will be formed by hook or by crook a government will be formed.
have your say