Up to 160,000 people could be in line for refunds of around €300 after they were mis-sold credit card insurance.
Banks and card providers are currently sending out letters and claims forms to customers who took out credit card protection policies.
According to the Irish Independent, the policies were sold by Bank of Ireland, Ulster Bank and MBNA - which is now Avantcard.
The Central Bank said that the refund process can go back to policies sold as long as nine years ago.