Bank of Ireland controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile7 entries
2021
Bank of Ireland fined over IT service continuity breaches
Fine or penalty
Ireland's Central Bank fined Bank of Ireland €24.5 million for regulatory breaches concerning its IT systems and service-continuity framework. The bank admitted five breaches relating to the framework and internal controls between 2008 and 2019.
Company response
Apology — Bank of Ireland
Bank of Ireland fully acknowledges, and sincerely apologises for, each of these breaches which should not have arisen
Remediation — Bank of Ireland
it had invested heavily in IT service continuity, completing an extensive group-wide programme of work between 2015 and 2019.
Apology — Bank of Ireland
"Bank of Ireland fully acknowledges, and sincerely apologises for, each of these breaches which should not have arisen."
Remediation — Bank of Ireland
To "comprehensively" address these breaches, the bank said it has invested heavily in IT service continuity, completing an extensive groupwide programme of work between 2015 and 2019.
Source excerpt
The Bank of Ireland has been fined €24.5m (£20.8m) for breaching regulations over its IT systems.
Bank of Ireland said it admitted five breaches to the Central Bank of Ireland, related to its IT service continuity framework and related internal controls between 2008 and 2019.
It was issued to Bank of Ireland on Tuesday but its details have just been released.
2020
Central Bank of Ireland fines Bank of Ireland over 2014 fraud-control failings
Fine or penalty
The Central Bank of Ireland fined Bank of Ireland €1.66 million in connection with a 2014 private-banking incident involving a fraudulent transfer and the bank's failings in security checks and reporting.
Company response
Remediation — Bank of Ireland
It repaid the client, but did not inform the police, who were alerted to it a year later.
Ongoing disclosure — Bank of Ireland
It added that policies, processes and controls had been strengthened since.
Source excerpt
The Bank of Ireland has been hit with a €1.66m (£1.5m) fine for a data breach that happened in its private banking arm in 2014.
The bank failed to make the necessary security checks of the transaction. It repaid the client, but did not inform the police, who were alerted to it a year later.
It added that policies, processes and controls had been strengthened since.
2020
Central Bank fines Bank of Ireland €1.66 million
Fine or penalty
The Central Bank reprimanded and fined Bank of Ireland €1.66 million for five regulatory breaches committed by its former subsidiary, Bank of Ireland Private Banking Limited, and for misleading the regulator. Bank of Ireland admitted the breaches. The bank said it regretted the circumstances and its approach to the investigation, apologized to the customer and the Central Bank, and said it strengthened controls and training.
Company response
Apology — Bank of Ireland
In its statement, Bank of Ireland said it has apologised to the customer involved and to the Central Bank.
Remediation — Bank of Ireland
"Policies, processes and controls have been strengthened to ensure customers are protected," it added.
Source excerpt
The Central Bank has reprimanded and fined Bank of Ireland a total of €1.66m for five breaches of regulations committed by its former subsidiary, Bank of Ireland Private Banking Limited, and for misleading it.
The Central Bank said its investigation found serious deficiencies in respect of third party payments at the bank, including inadequate systems and controls to minimise the risk of loss from fraud.
The Central Bank's investigation came after a cyber-fraud incident at the bank that occurred in September 2014.
2009
College Green hostage robbery
A criminal gang stole approximately €7 million from the College Green branch after holding an employee’s relatives hostage. Six men were arrested the next day and part of the money was recovered.
2008
Loss of customer-data laptops
Four laptops containing sensitive customer information were stolen. The devices were not encrypted, and the incident raised concerns about internal controls, notification delays and data protection practices.
2004
Departure of chief executive Michael Soden
Michael Soden resigned abruptly as group chief executive after adult material that breached company policy was found on a Bank of Ireland computer. He issued a statement addressing the standards expected of senior management.
2000
DIRT tax controversy
Bank of Ireland settled an Irish tax liability of IR£30.5 million connected with deposit-interest retention tax issues and accounts identified in investigations into non-compliance and bogus non-resident accounts. The matter was examined by the Oireachtas Public Accounts Committee.