No fines for staff at Ulster Bank

Ulster Bank has not fined staff members in relation to the bank falling €313m short of capital requirements last year, despite telling the Central Bank that they had.

The general secretary of the finance union, IBOA, Larry Broderick, said they had been in talks with the bank who told them that no officials in Ulster Bank had been fined. Ulster Bank told the IBOA that they were in discussions with key staff as to how the fine would impact their pay packages.

The Central Bank had only fined Ulster Bank €1.96m as they had taken as a mitigating factor the fact the Ulster Bank had already fined staff involved in the misreporting of the value of deposits.