Mortgage redress delays slammed

A year-long delay in compensating tracker mortgage holders who were penalised or overcharged is “not acceptable”, TDs have said.

The criticism comes as Bank of Ireland claimed it will begin paying redress and compensation “within weeks” to more than 4,200 customers who had been overcharged in recent years.

Speaking to an Oireachtas committee yesterday, retail boss Liam McLoughlin said the bank had identified 602 customers as part of an industry-wide review who had been wrongly denied a cheap mortgage that tracks the European Central Bank (ECB) benchmark rate.