Central Bank urged to intervene on trackers

Central Bank officials have been called on to intervene in the tracker mortgage rip-off scandal and force banks to properly compensate overcharged customers.

Dozens of customers lost their homes after banks wrongly hiked mortgage rates and lenders have been accused of being “tardy” in paying back customers.

Ulster Bank told an Oireachtas committee this week it has identified almost 3,500 customers affected by the tracker scandal. The crisis saw thousands of customers across different lenders wrongly charged different rates. Ulster Bank said that as few as 40% affected by the overcharging have been compensated.