Great penalty (4)
I believe the answer is:
fine
I believe this clue is a double definition.
'great' is the first definition.
(thesaurus)
'penalty' is the second definition.
(I've seen this before)
(Other definitions for fine that I've seen before include "Monetary penalty - that's splendid" , "Eric" , "No special brandy" , "Unclouded as the money penalty" , "It's all right" .)