December 19, 2012 / 1:00 PM / 5 years ago

UPDATE 1-Ireland fines Aviva 2.5 mln eur over stock lending

DUBLIN, Dec 19 (Reuters) - Ireland’s financial regulator has fined two subsidiaries of insurance company Aviva a total of 2.5 million euros ($3.3 million)for “serious inadequacies” in its control of stock lending practices within the firm.

Fines of 1.23 million euros were levied against Aviva Insurance Europe SE and Aviva Life and Pensions Ireland, both of which are based in Ireland.

Both firms had inadequate mechanisms to monitor or control stock lending and failed to set risk limits for the practice.

The Irish Central Bank, which is responsible for financial regulation, said in a statement that it considered the matter closed.

Aviva said in a separate statement that no money was lost by its companies or customers as a result of stock lending. It said it has since halted the practice.

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