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Central Bank says all mortgage compensation schemes will be ready by year-end

Written by Business World, on 28th Nov 2017. Posted in Financial

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Most Irish lenders will have started redress and compensation schemes for mortgage customers they overcharged in recent years by early December, with the remainder established by the year-end, Irish Central Bank Governor Philip Lane said on Tuesday.

Irish banks are under threat of being penalised by the government if they do not speed up redress for borrowers who should have been given the option of cheaper "tracker" mortgages, which follow the European Central Bank rate, or kept on a better rate years ago. (Reuters)

Source: www.businessworld.ie

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