The Central Bank has fined Bank of Ireland €100.5 million for breaches affecting tracker mortgage customers.
The fine has been issued in respect of 15,900 tracker mortgage accounts, impacted between August 2004 and June 2022. It's the largest fine imposed to date by the Central Bank.
Bank of Ireland has admitted in full to 81 separate regulatory breaches. This includes the provision of unclear contractual documents to its customers, the failure to interpret these unclear documents in customers’ best interests, unfair complaints handling, deficient mortgage systems and controls, and wrongful exclusion of customers from the protections of the Tracker Mortgage Examination.
In June of this year, the Central Bank issued a record €96.7 million fine to AIB and EBS for their part in the scandal.
Permanent TSB was fined €21 million and in 2020, KBC Bank Ireland was ordered to pay more than €18.3 million.
In a statement following the announcement Gavin Kelly, Interim Chief Executive, Bank of Ireland Group apologised to customers;
"Today’s statement from the Central Bank of Ireland is extremely critical of Bank of Ireland. We understand – and fully accept – why this is. What took place in relation to tracker mortgages was wrong. It should never have happened. We are very sorry that it did."