Friday 20 October 2017

Central Bank conducting probe into RSA after massive 'black hole' found in accounts

Three senior executives - including the chief executive - have been suspended

The Central Bank in Dublin
The Central Bank in Dublin
Charlie Weston

Charlie Weston

THE Central Bank is carrying out a probe into insurance company RSA after a massive black hole was found in the company’s accounts

Three senior executives at insurance company, including the chief executive, have been suspended.

A deficit of €83m has been discovered the accounts of the group’s operation here after a “routine internal audit”.

A spokesman for the Central Bank confirmed that an investigation was being carried out at the insurance company’s Irish operation into a “regulatory issue”.

The move follows a shock revelation from the company this week that it had hiked its motor premiums - bucking the trend in the market - and would now have to boost its reserves.

Independent News Service

Also in Business