IFSC bank fined €600,000 for giving inaccurate information
AN IFSC bank has been fined €600,000 for giving inaccurate information to the Central Bank -- even though the breaches were described as "not deliberate".
The fine imposed on Scotiabank (Ireland) is one of the largest ever meted out by the Central Bank and highlights the regulator's "zero tolerance" policy for inaccurate returns.
In a statement yesterday, the Central Bank detailed several technical issues which had led to Scotiabank filing inaccurate liquidity returns in 2007, 2008 and 2009.
The firm was also criticised for "failing to have adequate controls and checks to verify the liquidity returns process".
The Central Bank acknowledged that the errors were "not deliberate", that the firm had "reported the failures" and that "extensive remedial steps" were taken.
Scotiabank was also credited with co-operating with the investigation into the errors, and the Central Bank accepted that "appropriate levels of funding" had been available to the firm at all times.
Scotiabank's most recently filed accounts boast profits of $212m (€145m) for the year ended October 2009, while total assets at the end of the year stood at some $12bn.