Ireland's central bank on Tuesday called for individual executives and board members at Irish banks to be held to account for the overcharging of at least 20,000 mortgage customers in recent years.

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

Deputy Governor Ed Sibley confirmed in a speech that the Central Bank was planning enforcement investigations against all of Ireland's main banks, but said that individuals should also be held to account.

"I expect the boards, the individuals on the boards and the executives to be accountable and to be held to account for not only the initial decisions which started the consumer detriment, but the persistent and ongoing behaviours and decisions that magnified this harm over an extended period," Sibley said. (Reuters)

Source: www.businessworld.ie