RegSol Blog


Central Bank of Ireland Enforcement Action - EBS d.a.c. reprimanded and fined €13,400,000 for regulatory breaches affecting tracker mortgage customers

June 2022

On 22nd June 2022, the Central Bank of Ireland reprimanded and fined EBS d.a.c. trading as EBS (‘EBS’) pursuant to its Administrative Sanctions Procedure for a number of significant failings in the treatment of its tracker mortgage customers. There were 2,830 mortgage accounts affected from August 2004 to June 2020.

“The investigation found that EBS failed in its obligations towards its customers under the Code of Practice for Credit Institutions 2001 and Consumer Protection Codes 2006 – 2012 (together the “CPC”). EBS’s failings caused unacceptable harm and loss to those impacted customers over the course of 16 years. Thousands of customers were overcharged and, at the worst end of the scale, customers lost 84 properties, eight of which were family homes. The actions of EBS had devastating consequences for its customers.”

The key findings from the investigation are that EBS:

  • Failed to properly manage its mortgage services to customers
  • Failed to adequately warn customers of the consequences of their decisions relating to their mortgage
  • Failed to provide clear mortgage documentation to customers
  • Failed to handle customer complaints in a fair and consistent manner

For details of the press release and full Enforcement Notice please see links below:

EBS d.a.c. reprimanded and fined €13,400,000 for regulatory breaches affecting tracker mortgage customers

Enforcement Action EBS d.a.c. reprimanded and fined €13,400,000 by the Central Bank of Ireland