Monday 26 September 2016

1,000 staff working on tracker probes

Published 18/06/2016 | 02:30

The Central Bank in Dublin
The Central Bank in Dublin

CLOSE to 1,000 bank officials are now estimated to be working on tracker mortgage investigations, it emerged from a series of Dáil questions.

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The Central Bank has told all the main banks to conduct a review of their tracker books after Permanent Tsb admitted it had taken good-value trackers off 1,400 customers who should not have lost them.

The Central Bank is taking enforcement action against Permanent Tsb and Ulster Bank over their failure to put customers who fixed for a period back on their trackers.

Fianna Fáil finance spokesman has been told in the Dáil that AIB has 350 staff working on its tracker probe, which also takes in EBS. Finance Minister Michael Noonan said 200 of these are full time, with the rest on contract. Another 170 staff are poring over mortgage contracts at Permanent Tsb.

Mr McGrath said: "The other banks have devoted 'significant resources' indicating that upwards of 1,000 people could be working on this across the banks given that it has been an issue for Ulster, Bank of Ireland and KBC also have had issues with it."

AIB is understood to have around 3,000 cases, with another 2,000 at Bank of Ireland. The Central Bank is due to provide an update on the tracker probe in July.

Irish Independent

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