Watchdog finds BoI guilty of litany of mistakes

Bank of Ireland was guilty of a litany of mistakes in its dealings with Dungarvan businessman David Walsh.

Mr Walsh, who runs Office School and Computer Supplies at Lower Main St in Dungarvan, was refunded €33,000 in interest overpayments by the bank on his commercial loans and had his annual repayments reduced by €30,000 per year, after he challenged the bank for failing to automatically reduce his monthly loan repayments when interest rates changed from 2001 to 2008.

Mr Walsh also forced the bank to refund €11,000 on the interest overcharged on his current account as a direct result of the bank failing to cut his monthly commercial loan repayments when interest rates fell.