Business Irish

Thursday 13 December 2018

BoI hunts tracker customers who are owed over €1m


'The cohort is owed some €1.1m by the lender.' Stock photo: Getty Images
'The cohort is owed some €1.1m by the lender.' Stock photo: Getty Images
Dearbhail McDonald

Dearbhail McDonald

Bank of Ireland has been unable to track down 80 customers who are owed more than €1m in compensation and redress as a result of the €1bn, system-wide tracker mortgage scandal.

Bank of Ireland, which will appear before the Oireachtas Finance Committee this week, says 99pc of its affected tracker customers have received an offer of redress and compensation.

However, the remaining 1pc, equal to about 80 accounts, have not yet been traced. The cohort is owed some €1.1m by the lender.

"The total amount of redress and compensation offered to affected customers is over €137m, with approximately 90pc of this redress and compensation - more than €123m - offered to customers paid so far," said a spokesperson.

"For the remaining offers, customers have yet to return their payment instruction form so we can pay them. As soon as those forms are returned, payment will be made swiftly."

The outstanding 80 accounts relate to customers who have changed address, including those who have moved abroad, or who have died with no contact for the deceased's representative or solicitor. "The bank is very actively attempting to trace all customers and/or their estates," the spokesperson added.

Meanwhile, a new survey conducted by Red C for Bank of Ireland has also shown that six in 10 property-movers hope to purchase a new home in the next one to two years. Four in 10 said the cost of the new property is their biggest challenge, with a quarter of respondents citing lack of supply in their preferred area.

The bank's 'Mover Barometer' research shows that movers cited the primary reasons for moving home as better location (31pc); bigger home (24pc); more space for a growing family (21pc); while one in ten (10pc) are downsizing. Red C polled 200 property-movers for the survey which coincides with the launch of Bank of Ireland 'Wherever you go' home campaign, promoting a range of products and supports for homebuyers.

Sunday Indo Business

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