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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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2023 UPDATE | Ireland

2023 UPDATE | Ireland

by Starling Insights

Starling Insights Editorial Board

Jun 07, 2023

Compendium

Ireland IBCB Central Bank of Ireland The Era of Accountability Personal Liability & Accountability Culture & Consequences Culture & Conduct Supervision Culture for Regulators Culture & Misconduct Resilience & Culture The Costs of Misconduct

Tracker Mortgage Scandal

In June 2022, AIB, Ireland’s second-largest lender, was fined €83.3 million by the Central Bank of Ireland (CBI) for denying over 10,000 customers access to cheaper mortgages that tracked base rates. EBS, a subsidiary of the bank, was fined €13.4 million for similar failings affecting 2,845 customers.1 AIB and EBS were penalized for overcharging customers and breaching contracts, as well as for failing to handle complaints fairly and to compensate affected customers appropriately, in what is now referred to as the “Tracker Mortgage Scandal.” Ultimately, according to the CBI, twenty-one customers lost their family homes as a result of these banks’ actions. “The fine against AIB is the largest fine imposed by the central bank ever,” said Derville Rowland, then the CBI’s Director-General of Financial Conduct.

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