Bank of Ireland Mortgage Bank fined €120,000

The Central Bank has fined Bank of Ireland Mortgage Bank €120,000 and given it an official reprimand for breaching the Asset Securities Act 2001.

The Central Bank acknowledged that the breach was unintentional and related to Bank ofIreland Mortgage Bank holding credit transaction assets in excess of the 10% cap on the holding of such assets in the period between April and December last year.

“During the period, the firm failed to have in place adequate internal controls to enable the firm to identify or ensure compliance with the limit on credit transaction assets,” the Central Bank said.