Ireland's Ulster Bank Fined €37.8M For Regulatory Breaches

Law360, London (March 25, 2021, 3:23 PM GMT) -- The Central Bank of Ireland on Thursday said it has reprimanded Ulster Bank Ireland DAC and imposed a €37.8 million ($45 million) fine after uncovering "serious failings" in the way the lender handled thousands of customers with tracker mortgages.

The regulator said the fine adds to the €128 million in redress and compensation that Ulster Bank has been required to pay account-holders since it started an investigation in 2015 into tracker mortgages. The loans come with interest rates that track a benchmark rate set by a central bank.

The penalty was imposed over what the central bank called "serious failings" in...

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