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AVIVA HAS BEEN fined more than €2.4 million by the Central Bank for breaches of regulations at two of its subsidiaries.
The two fines of €1.225 million relate to Aviva Insurance Europe SE and Aviva Life and Pensions Ireland.
The Central Bank said the penalties were imposed because administrative procedures and internal control mechanisms in respect to stock lending activity were inadequate in both subsidiaries.
The Central Bank said several breaches were identified, including:
The breaches were uncovered during a survey into the use of liquidity swaps by the Central Bank.
The Central Bank of Ireland’s Fiona Muldoon, Director of Credit Institutions and Insurance Supervision, and Peter Oakes, Director of Enforcement, issued a joint comment stating:
Where a firm outsources investment activity, it must ensure that it has adequate investment policies, procedures and quantitative parameters to manage that investment activity in a way that is appropriate to the firm’s balance sheet, and that it has sufficient information to allow it to properly monitor and control that activity.
It is inadequate and unacceptable for firms to rely on group controls or group limits. The Central Bank reminds firms that they remain responsible for all regulatory obligations notwithstanding any reliance upon group controls or group limits.
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An encouraging, if small, first step out of the shadows
Encouraging, come on get real. We take one small step forward and powers that be in europe punches us right in the face and knocks us 3 steps back against the wall.
can anyone explain to me why it is seen as an overwhelming national objective to return to the bond markets?
Do you want to live with your mom for the rest of your life. Basically
Bit like a hungover alcoholic getting into an early house.
Taking your question at face value…
The idea is that if we can get back to the bond markets, then we don’t have to borrow from the EU or IMF – and we therefore don’t have to follow their terms and conditions for it.
Naturally it would be best if we didn’t have to borrow from ANYWHERE, but in the climate we’re in we have to borrow from SOMEWHERE, and the reason we have to live under the Troika’s thumb is simply because they won’t give us the money unless we agree to follow their rules on how we can spend it.
We need to get back to spending less.
It means a hit to our lifestyles though.
Are people willing to take that?
No, they have gotten too soft.
Recent exuberance of bond markets, which has seen bond yields decline in periphery nations, would appear to be driven by Draghi’s looser monetary policies. The danger here is this inflationary approach could take on a life of it’s own and herald a new phase in the crisis.
http://mobile.bloomberg.com/news/2012-01-22/draghi-makes-euro-favorite-for-most-profitable-carry-trades-with-rate-cuts
Just posted this on another thread but I think its probably as relevant here. For those confused and distracted heres a documentary on whats actually happening : http://youtu.be/hEw7p5W-hM8
So much for the scaremongering by the dame & it’s bitchs . Bond dealers would eat chips out of anybody’s knickers, so to speak, Irrelevant of the wearers past.
i think you’ll find that this comment makes no sense! of all days today is when we prove that we will repay debt?! and the market then opens up to us…… but this somehow proves your point how??
I agree Rob your comment makes no sense at all.
Obama is sending a trillion dollar note to bail out Europe, monty burns will deliver it in the spruce goose.
did you ever see the film million pound note 1950 s explains it all
It’s a sad thing when having to borrow money is seen as good news.
We HAD to borrow before this. The news is that we CAN borrow now. I thought the article made this very clear.
:)
lol, maybe by the time those bitches mature the euro will be worth fu*k all so we will pay them back in 10000 euro notes
Kicking the can down the road. We’ll have the same problems in 2015, only difference is we’ll be deeper in debt.
How can we borrow we are shafted until 2031 we will be sold out yet again
Does that mean the department has lost that 3.6 billion AGAIN they found down the back of the sofa a while ago?
Ireland should start doing the lotto.
Love it Cairo pmpl
No, you’re hilarious Eileen.
This is very good news. Amazing how all the burn everybody crew aren’t in here denouncing the NTMA for making a deal with bondholders.
Ha ha ha …You are hillarious Donal.
So we swapped 1 bond for another , so what ! We were sold out yesterday and every day ,
I still say we should stand tall on our own take or knocks and build ourselves up as an independent
nation and not as one of the islands off the coast of Europe .
We are no way near being solvent.
Enda is just licking up to his puppet masters.
have your say