Home > Property > €647m paid to affected customers in tracker mortgage scandal

€647m paid to affected customers in tracker mortgage scandal

Written by Robert McHugh, on 4th Feb 2019. Posted in Property

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The Central Bank has published an update on the Tracker Mortgage Examination which shows that at the end of last year, lenders had paid out €647 million to customers affected by their failings. This is an increase of €67 million since end-August.

The update also showed that an additional 1,400 affected customers have been included by lenders for redress and compensation since end-August. This brings the total number of affected accounts at end-2018 to 39,800.

Ninety seven per cent of affected customer accounts already identified and verified have now received offers of redress and compensation. The supervisory phases of the Examination are nearing completion, with the final report expected to be published in the coming months.

The Central Bank will continue to challenge all lenders until it is satisfied that all groups of affected customers have been identified. While the vast majority of affected customers have been identified, this continuing supervisory work may result in the identification of some additional affected customers before the Examination is concluded.

Commenting on the scandal, Director General Financial Conduct, Derville Rowland said, "The Examination has revealed the unacceptable damage that misconduct can cause to consumers up to and including the loss of their homes and properties in some cases. The Central Bank’s strategic commitment is to elevate the regulation of the behaviour of firms and the operation of financial markets in order to protect consumers."

She added, "The Examination was structured to give priority to ensuring affected customers received the redress and compensation payments which they were owed.  However, our work will continue through the ongoing enforcement investigations."

Source: www.businessworld.ie

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