Central Bank fines AIB €490,000 for regulation breaches
STATE owned AIB has been fined almost half a million euro for breaches of banking regulation.
The Central Bank said it has imposed the €490,000 fine on the nationalised bank for to “contravention of the central bank’s requirements for the management of liquidity risk.”
The bank was also formally reprimanded over the failures.
The Central Bank, which acts as financial regulator said the fine was imposed for “inaccuracies in the regulatory liquidity returns" and that AIB had failed to have "adequate internal controls.
The failures occurred between September 2007 and May this year.
Despite the inaccuracies the bank did not breach the rules on the levels of liquidity it is required to hold, the Central Bank said.
The director of enforcement at the Central Bank Derville Rowland said it is the 16 cases concluded this and brings the total level of fines imposed by the Central Bank in 2013 to €6.35m.
Fines of €22.14m have been levied since 2010.