The Central Bank of Ireland fined a unit of New York-based Citigroup Inc. (C:US) 550,000 euros ($754,820) for breaches of liquidity reporting rules.
Citibank Europe Plc was reprimanded for its failure to have “adequate internal controls in place” to ensure the accuracy of its liquidity reporting, the central bank said in a statement today.
The unit “self-identified the liquidity reporting errors in 2012 and immediately escalated the matter to the Central Bank of Ireland,” said Jeffrey French, a spokesman for Citigroup in an e-mailed statement. “We regret that the reporting errors occurred. At no time did Citibank Europe Plc breach any liquidity limits and at all times the bank was highly liquid, with strong capital ratios.”
Banks have been under pressure from regulators to improve their accounting and auditing practices since the financial crisis of 2008 and bailouts of banks in Europe and the U.S. Today’s settlement is the fourth by the central bank in the past four years for breaches of liquidity requirements, it said.
Citibank Europe is based in Dublin and provides financial services to clients and other Citigroup businesses, with branches in Poland, the Czech Republic, Hungary, Slovakia and Romania, according to a company filing for 2011.
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