Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
BANKS THAT OVERCHARGED their customers have paid out €647 million so far in redress and compensation as part of the tracker mortgage examination.
The Central Bank today gave an update on its examination of the scandal, which saw tens of thousands of customers being overcharged when they were either denied a tracker rate they were entitled to or charged the wrong rate of interest.
The regulator has revealed that it has identified an additional 1,400 affected customers, bringing the total now to 39,800. At least 71 customers loss their homes as a direct result of their bank’s failings and there was loss of ownership in respect of a further 142 buy-to-let properties.
It said at the end of 2018 lenders had paid out €647 million to customers affected by their failings – an increase of €67 million since the end of August.
The majority of affected customers (97%) have now received an offer of redress and compensation.
The Central Bank said that while the vast majority of affected customers have been identified, there may be some additions to this as the supervisory phase of the examination nears completion.
A final report expected to be published in the coming months.
There are also a number of enforcement investigations with some expected to conclude this year.
Derville Rowland, director general of financial conduct in the Central Bank said the work of the examination has “always been about ensuring that lenders identify, redress and compensate affected customers for the wrong which they caused”.
The examination has revealed the unacceptable damage that misconduct can cause to consumers up to and including the loss of their homes and properties in some cases. The Central Bank’s strategic commitment is to elevate the regulation of the behaviour of firms and the operation of financial markets in order to protect consumers.
“The examination was structured to give priority to ensuring affected customers received the redress and compensation payments which they were owed. However, our work will continue through the ongoing enforcement investigations.”
To embed this post, copy the code below on your site
Has to include oil & gas or else they’re peeing against the wind. Make it meaningful & hit him where it hurts
Half a billion euro to arm Ukraine but 35 billion to Putin??? Yeah, that’ll sort it….
We need to provide Ukraine with the means to not only defend itself but push the invader completely out of its territory. That includes tanks, advanced anti-air missiles, training for Ukrainian pilots for western jet fighters and supply of F-16′s to let them reclaim their skies.
This war will be a litmus test for how far Putin can test the rest of Europe and we need to make sure Ukraine has the ability to make the war politically, tactially and economically unviable for Putin.
@Seán Ó Briain: do u hear yourself talking f n Sxite ..yeah yeah let’s give them more guns more bombs more planes …you sound like that fn guy riding the atomic bomb down to ground zero .they would have been better off putting down there guns and doing nothing did never hear of Gandi and his teachings
@Michael Nolan: So once the Russians have already invaded your answer is to bend over?
I can just imagine you welcoming your new overlords while snitching on your neighbours.
@Seán Ó Briain: takes several years to train to fly an F-16. It’s more complicated than a bike.
@Will: well let’s see eh I’d rather be alive
Have a look at this
https://vm.tiktok.com/ZMLXUTKwA/
@Sean Whelan: 100% right.
I think it’s time for a general boycott on German goods, until they stop dragging their feet. Germany has a big responsibility for allowing this to happen.
- They blocked countries from supplying Ukraine with weapons
- They blocked the SWIFT ban (And watered it down)
- They blocked tougher sanctions
- They continue to block sanctions on energy imports.
Germany is Russia’s most powerful political ally in the EU.
Is this a discussion on the sixth round of sanctions on Russia or Europe?
It looks like it is not doing much to stop war on Ukraine and inflicting a lot of financial pain for all the EU countries…
Russian Oil Continues To Flow To India And China
https://oilprice.com/Energy/Crude-Oil/Russian-Oil-Continues-To-Flow-To-India-And-China.html
have your say