NIB to pay out €10.6m to customers

NATIONAL Irish Bank is to pay €10.6 million to almost 77,000 customers over the next 12 months as a result of an examination by the High Court Inspectors into fee overcharging between 1988 and 1998.

Last night, NIB said it would commence making an initial tranche of payments to 47,000 people of €2.8m, 59 a head on all fees of €13 (£10) or less, regardless of whether the customers involved were overcharged or not.

Over the next 12 months the bank will pay the remaining €7.8m to 30,000 customers where fees overcharging of greater than €13 is involved.