Menu
05/10/2017
Customers Affected By Tracker Mortgage Scandal Rises To 3,500
The number of Ulster Bank customers affected by the tracker mortgage scandal has risen from 2,000 to 3,500.
At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.
It was also revealed just 40 of the 3,500 affected customers have had the money they were overcharged returned to them.
Fianna Fáil Spokesperson on Finance, Michael McGrath TD, has now called on Central Bank to take a "more proactive role" in the situation.
"While Ulster Bank has put affected existing customers back on the correct rate, it is simply not good enough that two-years after the Central Bank launched the Tracker mortgage probe, only 40 of the bank's 3,500 affected customers have been repaid the money they were overcharged.
"It was confirmed this morning that in some cases customers are owed over €100,000.
"The bank also confirmed that some 1,000 of the 3,500 customers identified no longer have their mortgage with the bank as the mortgage has either been fully repaid or the customer switched to another bank.
"These customers have not been put on the correct rate as they are no longer with the bank. However, the bank has confirmed that the differential between the interest rate the customers are paying with another bank now and the tracker rate they should be on with Ulster Bank will be repaid to them.
"It is high time that the Central Bank took a more proactive role in this process. They need to set out a clear deadline for the repayment to customers of overcharged interest and the payment of compensation.
"The Central Bank also needs to answer the simple question; how is it that all the main banks made the same mistake and overcharged thousands of mortgage customers by wrongly denying them their contractual rights?"
(LM)
At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.
It was also revealed just 40 of the 3,500 affected customers have had the money they were overcharged returned to them.
Fianna Fáil Spokesperson on Finance, Michael McGrath TD, has now called on Central Bank to take a "more proactive role" in the situation.
"While Ulster Bank has put affected existing customers back on the correct rate, it is simply not good enough that two-years after the Central Bank launched the Tracker mortgage probe, only 40 of the bank's 3,500 affected customers have been repaid the money they were overcharged.
"It was confirmed this morning that in some cases customers are owed over €100,000.
"The bank also confirmed that some 1,000 of the 3,500 customers identified no longer have their mortgage with the bank as the mortgage has either been fully repaid or the customer switched to another bank.
"These customers have not been put on the correct rate as they are no longer with the bank. However, the bank has confirmed that the differential between the interest rate the customers are paying with another bank now and the tracker rate they should be on with Ulster Bank will be repaid to them.
"It is high time that the Central Bank took a more proactive role in this process. They need to set out a clear deadline for the repayment to customers of overcharged interest and the payment of compensation.
"The Central Bank also needs to answer the simple question; how is it that all the main banks made the same mistake and overcharged thousands of mortgage customers by wrongly denying them their contractual rights?"
(LM)
Related Irish News Stories
Click here for the latest headlines.
29 November 2016
Mortgage Lender Fined €4.5m By Central Bank
Springboard Mortgages Limited, owned by Permanent TSB, has been fined by Central Bank for failing to provide customers with the correct interest rates. The mortgage provider, owned by was fined €4.5 million, with the bank also paying €5.8 million to affected customers.
Mortgage Lender Fined €4.5m By Central Bank
Springboard Mortgages Limited, owned by Permanent TSB, has been fined by Central Bank for failing to provide customers with the correct interest rates. The mortgage provider, owned by was fined €4.5 million, with the bank also paying €5.8 million to affected customers.
18 January 2018
Tracker Mortgage Victims Deserve 'Real Answers'
Ulster Bank's tracker mortgage victims deserve real answers as to why they are being made to wait while other banks are further advanced with their redress and compensation schemes.
Tracker Mortgage Victims Deserve 'Real Answers'
Ulster Bank's tracker mortgage victims deserve real answers as to why they are being made to wait while other banks are further advanced with their redress and compensation schemes.
23 February 2018
Oireachtas Must Urgently Regulate 'Vulture Funds' - FF
The Oireachtas has been called to urgently regulate 'vulture funds'. Fianna Fáil Spokesperson on Finance Michael McGrath, made the call following a statement from Ulster Bank CEO Gerry Mallon that the bank may sell off up to 7,000 mortgages. Deputy McGrath said: "The case for full regulation of these vulture funds is compelling.
Oireachtas Must Urgently Regulate 'Vulture Funds' - FF
The Oireachtas has been called to urgently regulate 'vulture funds'. Fianna Fáil Spokesperson on Finance Michael McGrath, made the call following a statement from Ulster Bank CEO Gerry Mallon that the bank may sell off up to 7,000 mortgages. Deputy McGrath said: "The case for full regulation of these vulture funds is compelling.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
18 November 2015
Banks Accused Of Not Being Serious About Mortgage Switching
Fianna Fáil has accused Ireland's banks of not being serious about offering mortgage switches. The party's finance spokesperson, Michael McGrath, highlighted new figures from the Central Bank that reveal just 712 customers have been able to switch from one mortgage provider to another.
Banks Accused Of Not Being Serious About Mortgage Switching
Fianna Fáil has accused Ireland's banks of not being serious about offering mortgage switches. The party's finance spokesperson, Michael McGrath, highlighted new figures from the Central Bank that reveal just 712 customers have been able to switch from one mortgage provider to another.
-
Ireland WeatherThis Evening and Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
