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UniCredit Fined by Irish Central Bank After Breaching Risk Limit

March 18 (Bloomberg) -- UniCredit SpA, Italy’s biggest lender, was fined 315,000 euros ($439,000) by the Central Bank of Ireland after its subsidiary in that country breached risk controls.

UniCredit Bank Ireland Plc’s exposure to Italian and Spanish sovereign debt exceeded “permitted large exposure limits” on dates in 2011 and 2012, the Dublin-based regulator said in an e-mailed statement. Dealings with one client also exceeded exposure limits in 2012, the subsidiary told the central bank last year.

“This is the first settlement by the Central Bank with a firm for breaches of the large exposure limits and the failure to have in place proper internal controls around large exposures,” Derville Rowland, the watchdog’s enforcement director, said in the statement.

UniCredit’s local unit notified the central bank of the breaches, according to the statement. The company has taken “appropriate remedial steps” to rectify the breaches, the regulator said.

UniCredit Bank Ireland’s main areas of business include structured finance and treasury activities, according to a company filing. UniCredit Bank Ireland had assets of 26.2 billion euros at the end of 2013, according to a report on the unit’s website. The subsidiary made a profit of 47.1 million euros, the report shows.

Mary Glynn, a spokeswoman for the local unit, declined to comment on the settlement.

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To contact the reporter on this story: Donal Griffin in Dublin at dgriffin10@bloomberg.net

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

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