The Central Bank of Ireland has imposed a fine of €5,000 on Irish Taxi Owners' Co-Op Credit Union Ltd for breaches of its obligations under the Credit Union Act 1997.

This is the first enforcement case to be taken against a credit union since the administrative sanctions procedure became fully applicable to the sector on August 1st 2013.

The regulator found that the credit union had failed to submit its prudential returns within the required timelines in respect of the quarters ending September 30th 2013 to September 30th 2014 inclusive.

It also failed to have adequate systems and controls in place to ensure that the returns were submitted within the required timelines.

In addition, the regulator announced that a settlement agreement had been reached with Michael Hogan, relating to his participation in certain breaches by Irish Taxi Owners' Co-Op Credit Union Limited.

Mr Hogan was responsible for preparing and submitting the prudential returns on behalf of the credit union.

Commenting on the Central Bank's enforcement measures, its director of enforcement Derville Rowland said: "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.”