Ulster Bank details pain of tracker loan scandal

Ulster Bank has said it is hoping to reinstate as many customers as possible to tracker mortgages by Christmas or early in the New Year; as part of its ongoing mortgage redress programme.

It has also said it would consider paying compensation to SMEs who entered its controversial Global Restructuring Group (GRG) vehicle, “if necessary”.

All of the major lenders are currently undertaking redress programmes after customers were wrongly moved from low interest rate products when seeking to switch to a tracker mortgage. Ulster is at an earlier stage in the process than the other banks, but has set aside €118m in compensation provisions.