Tuesday 19 June 2018

Explainer: How each bank is responding to the tracker mortgage scandal

(Stock photo)
(Stock photo)
Independent.ie Business Desk

Independent.ie Business Desk

A hike in the bank levy and stricter reporting rules have been threatened unless the majority of people affected by the tracker mortgage scandal are compensated by Christmas. But what are each of the banks involved doing to address the issue?

AIB

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AIB boss Bernard Byrne

4,152 customers identified as being impacted.

Response:

Almost 3,500 or 84pc have already been redressed and compensated.

Redress and compensation for the remaining customers by the end of the year.

Bank of Ireland

4,300 customers identified as being impacted to-date.

Response:

Compensation process to commence from 10 November.

All of these customers fully redressed and compensated by the year end.

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Francesca McDonagh

KBC

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KBC Ireland CEO Wim Verbraeken

490 impacted customers identified to date as part of the current examination.

Response:

The vast majority of any remaining customers to be identified by year end.

Complete payment for the majority of customers by year end.

Payment with respect to more complex cases continuing into next year.

Permanent TSB

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Permanent TSB chief executive Jeremy Masding

1,971 customers identified as being impacted to-date.

Response:

1,608 (82pc) have already been contacted with offers of redress and compensation.

72PC of those affected, 1,448 customers have been fully redressed and compensated and relevant payments have been made to them.

The remaining customers will receive similar offers by the end of the year.

Ulster Bank

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Ulster Bank's CEO Gerry Mallon

3,500 customers identified as being impacted to-date.

Response:

Redress and compensation to be made to 1,000 customers by the year end.

Redress and compensation to a further 1,500 by end of March 2018.

The remaining customers to be addressed by end June 2018.

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