Ulster Bank eyes tracker mortgage redress clarity by year end

Ulster Bank has said it expects to have more clarity on the scale of its tracker mortgage redress programme by the end of the year, for which it has set aside €118m in compensation provisions.

Speaking yesterday, on the back of a relatively positive set of half-year results, Ulster’s chief executive for the Republic Gerry Mallon said that the bank is at a very early stage in the process — moreso than the other major banks — and it remains too early to know how many customers are affected.

He said the €118m provision — announced yesterday — should be sufficient, but there is scope for the total to go “either way”, adding that a clearer picture should emerge by the end of the year.