Irish Life & Permanent (IL&P) has been fined €600,000 by the Financial Regulator today for breaching regulatory reporting requirements.
In a statement released this afternoon the Financial Regulator said it had “reasonable cause” to suspect IL&P’s internal control mechanisms “failed to ensure the accuracy of certain regulatory reports in respect of its banking business provided to the Financial Regulator”.
It said IL&P had fully co-operated with the regulator and had been “open and transparent” throughout the examination
“Irish Life and Permanent plc took prompt and complete remedial action to fully rectify the breaches - the matter is now closed,” the statement added.
A spokesman for IL&P said it regretted what he said had been a human error in the calculation of a figure, adding that the figure in question did not pertain to the day-to-day management of the company.
"It was our internal controls that identified the mistake, the spokesman said.