Central Bank had previous concerns about RSA

The Central Bank of Ireland identified concerns about the operations of insurer RSA Ireland some three months before three senior executives at the company were suspended by its UK parent.

This emerged yesterday from a statement from the Central Bank detailing its involvement in uncovering the issues that have led to an investigation being conduction by RSA, which has also injected €100 million in capital to bolster the Irish unit’s reserves.

The regulator said it conducted eight on-site inspections at RSA over a two-year period and had “ongoing” meetings with key executives including the chief executive Philip Smyth and chief financial officer Rory O’Connor. Source: The Irish Times