Banks facing fines for tracker mortgage scandal

Bank chiefs are facing the threat of tougher levies or even fines if they fail to set out how and when customers ripped off by the tracker mortgage scandal will be properly repaid and compensated.

The five main banks will be asked to set out a clear timeline for compensating borrowers and exactly how many must be repaid, when they meet the finance minister this week.

A rise in the bank levy, increased taxation, penalty fines, and enhanced consumer protection were flagged at the weekend by Government figures. Finance Minister Paschal Donohoe will today meet with the CEOs and chairmen of KBC, Bank of Ireland, and Permanent TSB, while Ulster Bank and AIB will also be quizzed at Government Buildings over the next two days.