Bank of Ireland has been fined €100.5 million by the Central Bank for breaches affecting tracker mortgage customers.
The fine has been issued in connection long-running failings in respect of 15,910 tracker mortgage customer accounts, impacted between August 2004 and June 2022.
Bank of Ireland has admitted in full to 81 separate regulatory breaches.
The issue has so far cost Bank of Ireland almost €330 million since 2016 in refunds and compensation, legal fees and administrative expenses, as well as provisions set aside for a Central Bank fine.
The €100.5 million fine, is the largest imposed to date by the Central Bank.
The Governor and Company of the Bank of Ireland reprimanded and fined €100,520,000 by the Central Bank for regulatory breaches affecting tracker mortgage customers https://t.co/XophAWOzh9 pic.twitter.com/LxlG0l6Aks
— Central Bank of Ireland (@centralbank_ie) September 29, 2022
In June of this year, the Central Bank issued a €96.7 million fine to AIB and EBS for their part in the tracker mortgage scandal.
Permanent TSB was fined €21 millio in 2020, KBC Bank Ireland was fined more than €18.3 million.
In total, 41,000 borrowers were caught up in the tracker mortgage scandal, with 99 family homes lost as well as 216 buy-to-let properties.
The controversy began after the banks denied tracker rates to customers who were entitled to them or put them on the wrong rates.