Bank of Ireland fined €24.5m for business continuity failures
News and information from the Advent IM team.
- by Olivia Lawlor-Blackburn
- Industry News
Bank of Ireland hit with multi-million euro fine by central bank following an investigation
The Bank of Ireland has been hit by a multi-million euro fine by Ireland’s central bank after an investigation found it has not had a system in place that could ensure customer services in the event of an IT failure.
The investigation by the Central Bank of Ireland was instigated by the European Central Bank.
The Bank of Ireland, which has 169 branches and more than two million customers, was fined €35m, which was reduced to €24.5m as part of a settlement discount scheme. It is the second-highest fine the central bank has ever handed out.
Read via Computer Weekly