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ARTICLE · 18 OCTOBER 2022

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Recent Fines Issued By The CBI

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On 29 September 2022, the Central Bank of Ireland (the "Central Bank") handed down their largest fine to date to Bank of Ireland over its handling of its tracker mortgage customers.

IrelandGovernment, Public Sector
Michael Quinlan
Michael Quinlan
Jack Bergin
Jack Bergin
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On 29 September 2022, the Central Bank of Ireland (the "Central Bank") handed down their largest fine to date to Bank of Ireland over its handling of its tracker mortgage customers. The latest fine marks in the latest in a string of substantial fines imposed on financial institutions by a Central Bank intent on showing its enforcement teeth, absent from the pre-financial crash framework. Below, we summarise each of the fines handed out.

1.Allied Irish Banks P.L.C fined €83,300,000 for regulatory breaches affecting tracker mortgage customers.

On 22 June 2022, the Central Bank fined Allied Irish Banks P.L.C ("AIB") for 57 separate breaches relating to a series of "significant and long running" failings in the treatment of its tracker mortgage holding customers. An estimated 10,015 mortgage accounts were affected between August 2003 and March 2022.

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