Cost of tracker mortgage scandal tops €1bn

Mortgage brokers warn fines and huge costs incurred by banks during investigation are passed on to customers

The Central Bank issued its final fine for the investigation to Bank of Ireland, the fine of €100.5m the largest sanction on any institution associated with tracker failings. Picture: Sasko Lazarov/RollingNews.ie

The total bill for tracker mortgage breaches by financial institutions came to around €1bn, as the Central Bank wrapped up its seven-year-long investigation into the scandal.

Banks spent around €750m in redress and compensation for their failings and €278m was issued in fines for regulatory breaches by seven banking institutions. There was also some added cost for carrying out the investigation.