City Of London
AIB Hit With Record Irish Fine Over Mortgages Scandal
- Regulator fines lender $101.7 million, reprimands firm
- AIB had set aside as much as $74 million for expected fines
A sign hangs outside an AIB bank branch in Dublin, Ireland.
Photographer: Aidan Crawley/BloombergThis article is for subscribers only.
The Irish central bank issued AIB Group Plc a record 96.7 million euro ($101.7 million) fine for its role in a mortgage overcharging scandal that has engulfed Ireland’s banking sector.
The central bank fined and reprimanded AIB 83.3 million euros for “a series of significant and long-running failings” in the treatment of its tracker mortgage customers holding 10,015 mortgage accounts between August 2004 and March 2022, the central bank said in a statement. AIB admitted to 57 separate regulatory breaches, it added.