Central Bank 'was warned about tracker-mortgage scandal six years ago'

The State's biggest watchdog was warned six years ago that banks including Permanent TSB were trying to remove tracker mortgages from customers.

Central Bank 'was warned about tracker-mortgage scandal six years ago'

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.

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