Number of homeowners taken off tracker mortgages could be 'twice as high' than expected

It has emerged that the number of mortgage holders who were wrongly taken off tracker mortgages could be almost twice as high as first suggested.

Number of homeowners taken off tracker mortgages could be 'twice as high' than expected

It has emerged that the number of mortgage holders who were wrongly taken off tracker mortgages could be almost twice as high as first suggested.

The Central Bank revealed before Christmas that 8,200 customers were wrongly put onto more expensive variable rates.

But it has since emerged that the number did not include Permanent TSB, which was fined €4.5m over the scandal in November.

Michael Noonan says the Central Bank is hopeful of fining other banks in the coming months: "They are proceeding now with others.

"They expect to have made significant progress by mid 2017."

Sinn Féin's Pearse Doherty says there has been a clear effort by banks to take advantage of customers: “It’s a massive theft, and I use that word for a reason, because when we talk about redress schemes, you’re legitimizing the fact that the banks said it was a systems error.

“Or there was a problem with communications. It wasn’t.

“Right across every single major bank here in this state, they were doing the same thing.”

Sinn Féin's Pearse Doherty
Sinn Féin's Pearse Doherty

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