The Central Bank has reprimanded Goldman Sachs Bank (Europe) and fined it €160,000 for breaches of the European Communities Regulations.
The Central Bank said that Goldman Sachs failed to monitor, manage and accurately report requirements in relation to holding capital. It also failed to notice that its capital holding requirements were incorrectly calculated.
The breaches occurred between July 2008 and December 2010 at the bank, which has offices in Dublin.
However, the Central Bank said that despite the breaches of the regulations, Goldman Sach's regulatory capital was at all times in excess of its capital requirements.
The Central Bank's Director of Enforcement, Peter Oakes, said the existence of adequate systems and controls is a priority area for the bank.
''The existence of proper systems and controls to ensure continuous and proper calculation of risk and regulatory capital requirements is essential to the maintenance of stable and properly financed financial service providers,'' he said.
'The reliance on automated systems should therefore be tempered by adequate oversight to ensure that systems and controls, are and continue to be, comprehensive and proportionate,' he added.
