Pressure on Ulster Bank to speed up review
Published 21/12/2016 | 02:30
Ulster Bank is under pressure to speed up the process of notifying customers who may have been placed on the wrong mortgage rate.
Officials told an Oireachtas committee earlier this month that they are "very deep" into a review of their mortgage book in an effort to identify cases "where we failed to honour the contractual entitlements of customers or to live up to the standards we and the regulator would have wanted in terms of full disclosure of transparent information".
At that committee on December 1, the chief executive of Ulster Bank Gerry Mallon said the bank was undertaking a "very complicated process" and believes around 2,000 customers may be effected.
However, Oireachtas Finance Committee member Alan Farrell has criticised the pace at which Ulster bank is communicating with customers.
He told the Irish Independent he would have expected the bank to update mortgage holders effected before Christmas.
"They must act now to ensure this is the case," he said.
"Each customer on a tracker mortgage with Ulster Bank must have concerns, and the institution must act immediately to provide each customer with certainty regarding their charges, and as to whether or not they have been charged correctly.
"Should it be the case where it is identified that incorrect charges have been applied to customers, urgent action must be taken to address this matter also."
The Dublin Fingal TD added: "Should they only correspond with a small proportion of their customers before Christmas, this would be a direct contradiction of the assurances they provided to the Oireachtas."
A spokesperson for Ulster Bank said it had begun the process of communicating with customers affected and pointed to Mr Mallon's comments during the committee hearing in which he stated this would take into next year.
"We will be looking to implement immediate steps to rectify the rates on their accounts. We will continue to keep working on that into 2017. It will be into 2017 before we have worked through the entire portfolio and determined what the full extent of it is," Mr Mallon said.