Regulator hits Irish Life with €600k fine

IRISH Life & Permanent has been hit by a €600,000 fine by the Financial Regulator for submitting a series of inaccurate figures on the size of its asset base.

The errors go back to late 2007 and were repeated until early March when the author of the reports spotted the mistake, which he then reported to the financial watchdog.

An IL&P spokesman, Ray Gordon, blamed “human error”, adding the fine was not in any way connected with the controversial €7 billion loan made by IL&P to Anglo Irish Bank last year, which is still under investigation.