Bank of Ireland fined 24.5 million euros for IT errors

General view of a branch of the Bank of Ireland in Dublin
FILE PHOTO: A general view of a Bank of Ireland branch in Dublin, Ireland, March 1, 2021. REUTERS/Clodagh Kilcoyne

December 2, 2021

DUBLIN (Reuters) – Ireland’s central bank has fined the Bank of Ireland 24.5 million euros ($27.8 million) for technological flaws that lenders took more than a decade to fix.

On Thursday, the central bank said IT service continuity deficiencies had been identified multiple times in third-party reports from 2008 onwards but that the Bank of Ireland had only begun to address them. in 2015, solved the problem 4 years later.

The lack of a strong internal framework and controls at Ireland’s largest bank in terms of assets, the central bank said, could make it unable to ensure the continuity of critical services and lead to adverse effects on customers and the financial system.

The Bank of Ireland admitted five regulatory breaches over a 12-year period.

Its fine was reduced from 35 million euros under payment discount.

The central bank said steps taken by lenders since 2015 have improved the ongoing framework of IT services and internal controls.

The Bank of Ireland said it fully acknowledges and sincerely apologizes for each breach and that it has invested heavily in IT service continuity to resolve the issues.

(1 dollar = 0.8821 euros)

(Reporting by Padraic Halpin, Editing by John Stonestreet and David Goodman) Bank of Ireland fined 24.5 million euros for IT errors

Caroline Bleakley

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