99 people lost homes as €683m paid out to those impacted by tracker mortgage scandal

 99 people lost homes as €683m paid out to those impacted by tracker mortgage scandal

€683m has been paid out to customers affected by the tracker mortgage scandal.

The Central Bank’s final report into the controversy shows just over 40,000 people were denied cheaper interest rates on their mortgage.

It says the scale of the banks' failings caused immense distress and damage to customers and their families.

98% of those affected have gotten redress or compensation, according to the report.

However, at the end of May 2019, 99 people lost their homes while 216 Buy-to-Let properties were also repossessed as a result of lenders’ failings.

The Central Bank said it is "continuing its enforcement investigations to determine how and why customer detriment happened" as a result of the tracker mortgage scandal.

Its examinations have found "a clear lack of consumer-focused culture in lenders".

"While many lenders publicly state they put their customers first, the evidence from the Examination suggests otherwise," the report states.

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