The Central Bank has published correspondence between its Director General Financial Conduct Derville Rowland, and Social Democrats co-Leader Róisín Shortall and Sinn Féin's Finance Spokesperson Pearse Doherty.

The correspondence relates to the €4.13 million fine imposed on brokers Davy earlier this year for breaking rules on conflicts of interest.

In her letter to Pearse Doherty, Ms Rowland writes that as the bank's "…supervisory engagement with Davy is intrusive, live and ongoing…" she could not provide any further comment in answer to two questions about possible future enforcement action by the bank against Davy.

Ms Rowland also responded to a series of ten questions posed by Róisín Shortall.

Deputy Shortall asked if what had occurred at Davy constituted "criminal activity".

Ms Rowland wrote that the four breaches of rules admitted to by Davy "…are not designated as criminal offences under the MiFID Regulations…"

This is a repeat of the view delivered by Ms Rowland to the Oireachtas Finance Committee on 9 March.

On the same day, Ms Rowland told the Committee members the findings of the bank's investigation would be shared with other State agencies.

She stated: "…I absolutely intend to have a proactive discussion with a number of agencies about this, including An Garda Síochána and the Office of the Director of Corporate Enforcement, to sit down with them in the full facts of the information so that from their perspective they can consider this matter…"

In the correspondence with Deputy Shortall, the bank is asked if it has "raised any issue" with the Office of the Director of Corporate Enforcement "in the light of what happened".

The answer from Ms Rowland does not directly state if the bank did or did not. It states that it will "…engage with any relevant agency that identifies matters that warrant consideration in the context of that agency's mandate."

The letter goes on to say that any matters in relation to the role of directors under the Companies Act is the responsibility of the ODCE.

A spokesperson for the Central Bank said no further comment could be provided on the content of the correspondence.