The European Central Bank (ECB) has imposed administrative penalties on Permanent TSB Group Holdings PLC after it failed to comply with specific liquidity requirements requested by the ECB.
As a result, Permanent TSB has been hit with penalties in an overall amount of €2.5m for the breach.
The penalties are:
• €750,000 after Permanent TSB failed to comply with specific liquidity requirements requested by the ECB in February 2015, with the breach occurring between 27th October and 31st December 2015
• €1.75m which was imposed after the bank failed to comply with specific liquidity requirements requested by the ECB in November 2015 with the breach occurring between 4th January and 26th April 2016.
The ECB noted that this breach did not change the liquidity position of Permanent TSB and that the bank has fully remediated the issue.
The decision imposing a sanction may be challenged before the Court of Justice of the European Union, under the conditions and within the time limits provided for in Article 263 of the Treaty on the Functioning of the European Union.
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