Irish Central Bank Considers Enforcement Action in PPI Probe

Ireland’s central bank said it is considering enforcement actions against lenders as it continues an investigation into the sale of payment-protection insurance policies.

Bank of Ireland Plc, Allied Irish Banks Plc (ALBK) and its ESB unit, Royal Bank of Scotland Group Plc (RBS)’s Ulster Bank, Permanent TSB Group Holdings Plc and GE Money have been told to review their PPI sales since August 2007, the Dublin-based bank said in a statement.

The lenders will be communicating with customers over the coming weeks “to outline the approach they will be taking and the expected timelines for completion of their reviews,” it said. Other unnamed lenders are also being investigated, it said.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net

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