AIB fined €490,000 by Central Bank

AIB has been fined €490,000 by the Central Bank for breaches of its liquidity risk management requirements.

The breaches related to inaccuracies in the regulatory liquidity returns and the failure to have in place adequate internal controls to ensure the accuracy of those returns.

The bank also did not adequately take account of seasonal factors when preparing liquidity returns.

The Central Bank reprimanded AIB and required it to pay a monetary penalty of €490,000.

"This is the fifth settlement by the Central Bank in the last four years for breaches of the liquidity requirements," Central Bank director of enforcement Derville Rowland.

“Regulated institutions must have proper and effective systems and controls in place to ensure compliance with their regulatory reporting obligations,” she added.

Last week the Central Bank fined Citibank Europe €550,000 for similar breaches.