Name Symbol Market Type
Royal Bank of Scotland Group PLC NYSE:RBS NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  -0.06 -1.97% 2.98 3.01 2.95 3.01 894,834 16:19:58

Ulster Bank Fined EUR4.6 Million on Failures Over Mortgage Data

05/03/2020 3:42pm

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By Jaime Llinares Taboada


The Central Bank of Ireland said on Thursday that it reprimanded and fined Ulster Bank, a subsidiary of Royal Bank of Scotland Group PLC, 4.6 million euros ($5.1 million) for failing to meet the Mortgage Arrears Resolution Targets Framework.

The Irish authority found breaches which took place between 2013 and 2015 regarding regulatory returns that were required under the MART Framework.

The Central Bank said that Ulster Bank fell far short of the governance standards applicable, but considered its full and frank admissions and comprehensive investigation into the matter as mitigating factors.

The MART was introduced in 2013 in Ireland among other measures to resolve the high volume of mortgage arrears that developed in the wake of the financial crisis.

Shares of Royal Bank of Scotland at 1502 GMT were down 7.00 pence, or 4.2%, at 161.25 pence.


Write to Jaime Llinares Taboada at; @JaimeLlinaresT


(END) Dow Jones Newswires

March 05, 2020 10:27 ET (15:27 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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