Tracker mortgage scandal could cost €500m

The eventual bill for compensation in the tracker mortgage scandal could be €500m, the governor of the Central Bank has said.

Philip Lane told the Oireachtas Finance Committee that it was reasonable to assume that the lenders being probed in the scandal could have a combined €500m to pay for redress, fines, and compliance by the time the examination is concluded.

In response to Fianna Fáil TD Michael McGrath, who asked if he thought the wrongdoing was “systemic and widespread”, Mr Lane said there was “no doubt” there was such an aspect to the practice.