Irish Mortgage Corporation Limited, t/a Moneyzone

Background The Central Bank conducted a number of on-site inspections of the Firm, reviewed customer documentation and conducted interviews with affected customers, former employees of the Firm and third party lenders who provided the underlying sub-prime mortgage products. Penalty decision factors In deciding the appropriate penalty to impose, the Central Bank has taken the following into account:  The seriousness with which the Central Bank views: o breaches of the Consumer Protection Code and in particular the provisions relating to “Suitability” and the “Knowing the Consumer”; and o compliance with the MCR, in relation the immediate direction and supervision of “new entrants”.  The breaches identified occurred within “Moneyzone”, a trading arm of the Firm, which ceased business in October 2008.  Investment by the Firm, both before and after inspections, on training, systems and third party review.  The proactive co-operation of the Firm during the investigation and in settling at an early stage in the Administrative Sanctions Procedure. The Central Bank confirms that the matter is now closed. - End – The Central Bank of Ireland (the “Central Bank”) has entered into a Settlement Agreement with effect from 24 October 2012 with Irish Mortgage Corporation Limited, trading as Moneyzone, a regulated financial services provider. The trading arm “Moneyzone” ceased business in October 2008. This settlement agreement relates to breaches of the Consumer Protection Code (2006) and the Minimum Competency Requirements (July 2006).