AIB/EBS Tracker Cases Settled

On 23 June 2022, Central Bank of Ireland announced the completion of enforcement actions against Allied Irish Banks p.l.c. (AIB) and EBS d.a.c. for consumer protection breaches relating to tracker mortgages. The Central Bank imposed fines of €83.3m and €13.4m respectively. The outcomes represent the fourth and fifth tracker mortgage enforcement outcomes, with just one firm-level investigation remaining open in relation to a separate lender. The fines bring the total sanctions imposed on lenders for tracker mortgage failings to €174m, on top of €737m paid to customers in redress and compensation under the Central Bank-initiated Tracker Mortgage Examination.