€250m redress paid to tracker mortgage customers

A quarter of a billion euro has been paid to Irish tracker mortgage holders who were done out of low-cost interest rates by banks, says Minister for Finance Paschal Donohoe.

Redress and compensation were made by the end of last year to 12,900 customers who paid too much for their loans. They were identified by a Central Bank review and Mr Donohoe warned that banks should make further progress by March or face action.

The minister said: “This examination has laid bare the fact that very poor cultural and governance issues still exist within lending institutions in Ireland post the banking crash, and that if banks are to regain the trust of customers then they must be prepared to change their attitudes significantly.