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Irish Central Bank Warns Lenders on Transparency in Tough Times

  • Banks need to give clear information, enforcement chief says
  • Record fine for Bank of Ireland should be ‘watershed moment’
The Central Bank of Ireland in Dublin.

The Central Bank of Ireland in Dublin.

Photographer: Jason Alden/Bloomberg

Lenders should ensure they are transparent with customers and treat them fairly as they switch financial products amid a more challenging economic environment, Ireland’s Central Bank warned.

A record €100.5 million ($98.6 million) fine imposed on Bank of Ireland Plc. in relation to an industry-wide tracker mortgages scandal Thursday is “very timely” and has “real resonance for now and the future,” Seána Cunningham, the Central Bank’s director of enforcement and anti-money laundering, said in an interview. It should be a “watershed moment” for financial services to understand there are “real consequences for actions,” she added.