S.L. 371.9 Art. 41Administrative penalty. Cap. 371.

(1) Without prejudice to any other provision of these regulations, a credit institution or any director or official thereof, who fails to comply with the Scheme’s request for information within the period of time established by the Scheme pursuant to these regulations, or who knowingly or recklessly furnishes information, or makes a statement which is inaccurate, false or misleading in any material respect, shall, for every such failure, be liable to an administrative penalty not exceeding one hundred and twenty-five thousand euro (€125,000) as may be imposed by the competent authority by means of a notice in writing and without recourse to a court hearing.

(2) Where an administrative penalty has been imposed by the competent authority in terms of this regulation, an appeal shall lie to the Financial Services Tribunal in accordance with articles 10 and 35A of the Banking Act.