Irish central bank issues first fine under ‘related parties’ code
Case is first brought under code governing deals with “related and connected parties”
Ireland's central bank this week fined two financial institutions seven-figure sums for regulatory breaches.
One action was the first the Central Bank of Ireland had brought against any institution for breaching its "Code of practice on lending to related parties". The Bank announced on October 10 it had fined KBC Bank Ireland, a small commercial institution, €1.4 million ($1.27 million) for breaches of the code.
The code was introduced in 2010, following the Irish financial crisis. Inquiries
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