The State's biggest watchdog was warned six years ago that banks including Permanent TSB were trying to remove tracker mortgages from customers.
Today's Irish Independent reports the-then Financial Services Ombudsman wrote to the Central Bank in 2009 calling for a probe across all banks.
Action has only recently been taken however, and in the meantime it is claimed the lender's failures were a key factor in 22 repossessions. The newspaper reports Permanent TSB wrongly denied tracker rates to almost 1,400 people.
PTSB has also been ordered to pay out millions of euros in a major compensation deal to more than 1,300 people who wanted to return to tracker rates after they came off fixed rates.