€4.5m fine in tracker mortgages probe

The Central Bank has made a declaration of intent in its probe into tracker mortgages by slapping a €4.5m fine on Springboard Mortgages, a unit of State-owned Permanent TSB Group.

It is the first fine the regulator has imposed as it continues to investigate most lenders which sold tracker home loans here. The results of the full probe will not be known for some time.

However, based on the Springboard case, the fines on other mortgage lenders may likely be substantial.