Central Bank fines Bank of Ireland €120,000

The Central Bank has fined Bank of Ireland €120,000 for breaches of an act which regulates securities and bonds.

The Central Bank says that between April and December last year, Bank of Ireland Mortgage Bank held credit transaction assets in excess of the 10% cap, set out under the Act.

It also says Bank of Ireland failed to have adequate internal controls to make sure the bank was complying with the cap.

The breach arose following the downgrading of Bank of Ireland's credit rating.

The Central Bank notes that once Bank of Ireland was notified of the breach - it immediately took steps to return to compliance.