€25m paid back to customers mis-sold Payment Protection Insurance

One in five bank customers who were sold Payment Protection Insurance since 2007 did not need it.

Figures from the Central Bank show that almost €25m has been paid back to customers who were mis-sold the insurance.

An investigation into the 350,000 policies sold since 2007 by the 11 banks here is continuing and should be completed by the end of the year.

The Central Bank said the review should eliminate the need for consumers to engage third parties or go through a legal process.