ECB: Ireland’s Central Bank must enforce tracker mortgage redress

Banks that ripped off tracker mortgage customers could be investigated by the European Central Bank for failing to control financial risks and internal misconduct.

The prospect of Irish banks paying out compensation to customers and fines over the scandal has raised the likelihood of the ECB intervening, particularly over supervisory concerns.

Estimates suggest the scandal could cost the banks €570m . It is now thought more than 30,000 homeowners were overcharged.