05/10/2017

Customers Affected By Tracker Mortgage Scandal Rises To 3,500

The number of Ulster Bank customers affected by the tracker mortgage scandal has risen from 2,000 to 3,500.

At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.

It was also revealed just 40 of the 3,500 affected customers have had the money they were overcharged returned to them.

Fianna Fáil Spokesperson on Finance, Michael McGrath TD, has now called on Central Bank to take a "more proactive role" in the situation.

"While Ulster Bank has put affected existing customers back on the correct rate, it is simply not good enough that two-years after the Central Bank launched the Tracker mortgage probe, only 40 of the bank's 3,500 affected customers have been repaid the money they were overcharged.

"It was confirmed this morning that in some cases customers are owed over €100,000.

"The bank also confirmed that some 1,000 of the 3,500 customers identified no longer have their mortgage with the bank as the mortgage has either been fully repaid or the customer switched to another bank.

"These customers have not been put on the correct rate as they are no longer with the bank. However, the bank has confirmed that the differential between the interest rate the customers are paying with another bank now and the tracker rate they should be on with Ulster Bank will be repaid to them.

"It is high time that the Central Bank took a more proactive role in this process. They need to set out a clear deadline for the repayment to customers of overcharged interest and the payment of compensation.

"The Central Bank also needs to answer the simple question; how is it that all the main banks made the same mistake and overcharged thousands of mortgage customers by wrongly denying them their contractual rights?"

(LM)

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