Call for oversight of Ulster Bank’s €40m clawback

The Central Bank should determine the options available to Ulster Bank to claw back €40m from 1,300 customers who were undercharged in their mortgage repayments because of a failure on the part of the bank.

The demand was made by David Hall, head of the Irish Mortgage Holders Organisation, after the Central Bank disclosed that the bank had failed to collect both capital and interest payments on the mortgages of 1,300 customers.

As these customers had only been charged interest, they had fallen behind by an average of €31,000 in capital payments.