Bailed Out Banks hit with fines following “serious and long-running failings” – – Our News, Your Views

Bailed Out Banks hit with fines following “serious and long-running failings”

Two of Ireland’s bailed out banks, AIB and EBS have been hit with fines totalling over €100 Million Euro by the Central Bank Of Ireland for their role in the tracker mortgage scandal.

According to the, The fines follow an enforcement investigation by the regulator that has been ongoing for five years.
AIB received a record fine of €83.3 million while EBS received a fine of €13.4 million. The disgraceful tracker mortgage scandal was one of the worst banking scandals to hit the country and saw customers thrown out of their homes and into the streets as people were being overcharged by their lenders or charged the wrong rate of interest.

In a statement following the fines Seána Cunningham, the Central Bank’s Director of Enforcement and Anti-Money Laundering, said that the fine was in respect of the “serious and long-running” failings in meeting its obligations to tracker mortgage customers.

“AIB’s failings caused unacceptable harm and loss to those impacted customers over the course of nearly 18 years. Thousands of customers were overcharged and, at the worst end of the scale, customers lost 53 properties, 13 of which were family homes,” said the Central Bank in a statement.

In a final report 2019, the Central Bank said 99 homes were lost as a result of lenders’ failings as well as 216 buy-to-let properties. The investigation has been ongoing since 2019.

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