BoI refunds mortgage holders

BANK of Ireland and its subsidiary, ICS Building Society, is in the process of refunding €160,000 to mortgage holders due to overcharging on some accounts going back to 1999.

Following an inquiry from the Irish Examiner the bank said internal monitoring processes in the bank and in ICS “identified a number of mortgage accounts” that had been over-penalised.

The systems failure happened in the period January 1999 to December 2008, it said. As a result certain mortgage holders “were charged an incorrect amount of surcharge interest,” the bank said in a statement yesterday.