Bank of Montreal fined €650,000 for three breaches of regulations

The Central Bank has fined the Bank of Montreal €650,000 for three breaches of regulations between 2008 and 2013.

This is the latest in a series of fines imposed by the Central Bank on foreign financial firms based in Ireland. The Central Bank has undergone an overhaul since the financial crisis with the emphasis on a much more intrusive and robust style of regulation.

In January 2013, the Central Bank queried Bank of Montreal in respect of a particular financial exposure contained in a regulatory, large exposure, return.