11 institutions are liable to penalty of €10m each for tracker-mortgage crisis

The Central Bank could impose €10m worth of fines on each bank guilty of ripping off 20,000 victims of the tracker mortgage scandal if they fail to immediately address what happened.

Finance Minister Paschal Donohoe said the regulator may impose fines that are potentially double the €4.5m sanctioned against Permanent TSB’s Springboard Mortgages last year.

Eleven institutions may be fined if banks do nothing to resolve the crisis.