Finance Minister focusing on compensating those affected by track mortgage scandal

Finance Minister focusing on compensating those affected by track mortgage scandal

The Minister for Finance says he can envisage more of the banks involved in the tracker controversy receiving multi-million euro fines.

However, Paschal Donohoe says he cannot comment further when a Central Bank investigation is ongoing.

Springboard Mortgages is the only one of 11 banks who wrongly moved people off their tracker to be punished so far with a €4.5m euro fine.

Minister Donohoe says his focus is now on compensating those affected.

He said: " Were I to offer a view on that matter now it could well undermine the action that the central bank have been successful in implementing in the past in relation to banks.

"This is why I am focusing my effort and my power in making sure the issue of redress and compensation is dealt with."

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