Ulster Bank fined €37.8m for ‘serious failings’ over mortgage tracker scandal

The penalty is the largest ever levied against an Irish company by the Central Bank after ‘unacceptable and avoidable harm to customers’

Ulster Bank, which announced last month that it would exit the Irish market, admitted to 49 separate breaches relating to a litany of mortgage issues

Ulster Bank has been issued with a €37.8 million fine by the Central Bank for a series of regulatory breaches related to the tracker mortgage scandal.

The fine, the largest ever levied against any Irish business by the Central Bank, comes after the regulator found “serious failings” by Ulster Bank in its handling of tracker mortgages stretching back more than a decade.

In a statement this morning, the Central Bank said Ulster Bank had caused ...