Ulster Bank blasted over tracker compensation

Just 40 out of 3,500 Ulster Bank customers have been compensated after being caught up in the tracker mortgage scandal — while more people have lost their homes than previously thought, the bank’s leaders have admitted.

Ulster Bank chief executive Gerry Mallon and other top officials appeared before the Oireachtas Finance Committee where they were grilled by TDs and senators over the failure to address the tracker customer redress in a timely manner.

Mr Mallon said since Ulster Bank had last appeared at the committee in December, it has raised its estimates of the numbers of its customers by 2,000 customers to 3,500. Some 2,500 customers have been restored, while 1,000 have redeemed or switched lenders.