DJ Irish Central Bank Fines RBS's Ulster Bank on Capital Rules
Nov 19, 2012 (Dow Jones Commodities News Select via Comtex) --By Eamon Quinn
DUBLIN--The Irish central bank Monday said it reprimanded and fined Ulster Bank Ltd., a unit of the Royal Bank of Scotland Group PLC (RBS), 1.9 million euros (2.4 million) for failing to apply haircuts, or discounts, correctly to some deposits and therefore mis-reporting its level of capital holdings.
The central bank--which is the regulator of lenders in Ireland--said that Ulster Bank had contravened its so-called Pillar II capital requirements that require a lender to hold capital to cover additional risks.
"This enforcement action and the penalties imposed reflect the importance the central bank places on compliance with all aspects of key prudential requirements," the central bank's Director of Enforcement Peter Oakes said.
Write to Eamon Quinn at email@example.com
(END) Dow Jones Newswires
Copyright (c) 2012 Dow Jones & Company, Inc.