Central Bank Imposes EUR315,000 Fine On UniCredit

News: The Central Bank of Ireland has imposed a EUR315,000 (US$439,000) fine on Italy-based UniCredit after its Irish subsidiary breached risk controls. UniCredit Bank Ireland exceeded permitted exposure limits for Italian and Spanish sovereign debt in 2011 and 2012. UniCredit, which notified the central bank of the breaches, has taken appropriate remedial measures to rectify the breaches, according to the central bank. 'This is the first settlement by the Central Bank with a firm for breaches of the large exposure limits and the failure to have in place proper internal controls around large exposures,' the regulator's Enforcement Director Derville Rowland said in an emailed statement (Bloomberg).

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Geography: Ireland

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