Bank fined €315k for bond breaches

The Central Bank has fined UniCredit Bank Ireland €315,000 for breaching limits on exposure to Italian and Spanish bonds and contravening limits on exposure to a single client.

IFSC-based UniCredit Bank Ireland is a subsidiary of the Italian bank, UniCredit. The Central Bank found against the firm on three separate charges. Between December 2011 and June 2012, UniCredit was holding Italian bonds in excess of its permitted limits.

Between March and June 2012, the firm was holding Spanish bonds in excess of its permitted limits, and, between November and December 2012, it had exposure to a single client in excess of its permitted limits.