The Central Bank has fined the Irish division of Canadian lender Bank of Montreal more than €1.24m for breaching the conditions of its Irish banking licence.

Fines totalling in excess of €5m were dished out by the Central Bank to financial services firms last year.

GETTING its financial regulatory regime wrong will cost Ireland thousands of jobs and billions of euro in tax and economic growth, according to the Federation of International Banks in Ireland (FIBI).