FILE PHOTO: General view of a branch of the Bank of Ireland in Dublin, Ireland, March 1, 2021. REUTERS/Clodagh Kilcoyne
DUBLIN (Reuters) -Ireland's central bank has fined Bank of Ireland 24.5 million euros ($27.8 million) over technology failures that the lender took more than a decade to fix.
Handing down one of its largest ever penalties, the central bank on Thursday said that IT service continuity deficiencies were repeatedly identified in third-party reports from 2008 onwards but Bank of Ireland only started to address them in 2015, resolving matters four years later.
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