Friday 19 October 2018

Irish banks 'paid €580m to customers impacted by tracker mortgage scandal'

Central Bank Governor Philip Lane
Central Bank Governor Philip Lane
Independent.ie Business Desk

Independent.ie Business Desk

Irish banks have paid around €580m to customers impacted by the tracker mortgage scandal, according to the Central Bank Governor Philip Lane.

The Governor is expected to tell a parliamentary committee today that Irish banks identified about 38,400 affected customers and paid just over half a billion euro in redress and compensation by end of August in the mortgage loan scandal, according to a copy of his opening remarks seen by Bloomberg.

Governor Lane will say that four of five main lenders are close to completing redress, compensation phases and that the Central Bank is "exerting significant pressure" on the remaining lender to finish the process.

He will also say that the Central bank plans a "more targeted conduct supervision of those firms that pose the greatest potential harm to consumers."

On the matter of Brexit, Governor Lane is expected to tell the committee that the Central Bank has received more than 100 Brexit-related applications for authorisation.

Bloomberg

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