The sanctions follow a massive accounting scandal at RSA Insurance Ireland seven years ago. In 2013, RSA Insurance was thrown into chaos after a massive hole was discovered in its balance sheet. An investigation found that the claim reserve estimates on RSAII's claims database were understated in the sum of approximately €29m as at 30 September 2013. RSAII was fined €3.5m by the Central Bank in 2018. The Central Bank's investigation found that Mr O'Connor knowingly and actively participated in RSAII's failure to maintain sufficient technical reserves through his involvement in the under-reserving of large loss claim reserve estimates. The Central Bank said he had knowingly provided it with inaccurate and misleading financial information in his role as CFO. Its investigation determined that Mr O'Connor's misconduct merited a disqualification period of 12 years and a monetary penalty of €100,000, but the sanctions were reduced to 8 years 4 months and €70,000 respectively.