Summary Criminal Prosecution

In addition to its civil enforcement powers, the Central Bank has the power, pursuant to section 61DA of the Central Bank Act 1942, to prosecute various summary offences under financial services legislation.

The Central Bank can conduct an investigation into certain suspected criminal offences and may, upon conclusion of that investigation, decide to initiate a criminal prosecution in the District Court in appropriate circumstances.

The Central Bank may initiate a summary criminal prosecution in the District Court by way of a summons which is a legal document containing details of the alleged offence and requiring the accused’s attendance at a specific court on a specific date and time. In the event the accused is found guilty by the court, the judge may impose fines and penalties (as set out in the relevant legislation which has been breached) and may order the accused to pay the Central Bank’s costs of the prosecution. 

In addition, in certain circumstances, the Central Bank may carry out investigations into more serious offences and refer the matter directly to the Director of Public Prosecutions. This is in addition to our ongoing support provided to the Gardaí.