Ireland’s AIB fined record 97 million euros for mortgage overcharging

© Reuters. FILE PHOTO: An Allied Irish Bank (AIB) worker cleans around the branch’s ATM, amid the COVID-19 pandemic in Dublin, Ireland, March 1, 2021. REUTERS/Clodagh Kilcoyne

DUBLIN (Reuters) – Ireland’s AIB and its EBS subsidiary have been fined a record 96.7 million euros ($101.6 million) by the country’s central bank for overcharging customers denied mortgages that track base rates.

AIB, which had set aside 70 million euros by the end of last year to cover a potential fine, said it would include an additional charge in its 2022 financial accounts. It apologised “unreservedly” for the impact its breaches had on customers’ lives.

($1 = 0.9518 euros)