Bank of Ireland fined €24.5m

Consumers and the financial system were exposed to ‘serious potential risk’ due to IT systems control failings

The failings at Bank of Ireland which were ‘repeatedly identified’ by third parties from 2008 onwards, the Central Bank of Ireland said. Picture: Leah Farrell/

Bank of Ireland has been fined €24.5 million for IT system control failings which exposed consumers and the financial system to “serious potential risk”.

The Central Bank of Ireland levied the fine against Bank of Ireland (BOI) after it found the bank failed to put adequate IT controls in place to ensure continuity of services for its customers and which could have had a significant effect on customers and the wider financial system had a ...