PTSB ptsb fined €21m by the Central Bank


Frequent Poster
If you have any evidence of criminal behaviour, report it to the Garda.

If the Central Bank suspects criminal behaviour, they stand back and hand it over to the Garda.

Yet when asked to comment if any further sanctions are in the offing they decided to say nothing.
I do understand what you're saying, but is there confidence in the Central Bank to do the right thing and are they totally free from Goverment interference?

Brendan Burgess

You are mixing up two completely different things here.

Adherence to the codes and treating customers unfairly is a civil matter which is subject to administrative sanctions from the Central Bank.

The word "criminal" has been used a lot but it only applies to actual criminal offences such as fraud. The standard of proof is much higher and it's very unlikely any prosecution would succeed.

The Central Bank is happy to say when it is conducting a sanctions investigation against an institution, but doesn't seem to want to say it publicly if they are investigating individuals.

And maybe they have found evidence of crimes being committed and have referred it to the Garda.



Frequent Poster
It's €21m for just over 2,000 impacted accounts. So a fine of just over €10k per error. That's on top of the redress and compensation of €53m.

This is not spare change even to a large organisation, and you can be sure that there have been big process changes internally at Irish banks in the wake of this .

Whatever mess Irish banks make in future, it won't be this one.