Central Bank says 33,700 customers have been affected by tracker mortgage scandal

An additional 13,600 affected customers have been identified since September

Central Bank says 33,700 customers have been affected by tracker mortgage scandal

Picture by: Niall Carson/PA Archive/PA Images

The Central Bank has revealed that it has now identified around 33,700 customers affected by the tracker mortgage scandal.

The financial regulator has been investigating after tens of thousands of customers of several Irish lenders were overcharged or wrongly denied a tracker rate.

In their latest update, the Central Banks says that the lenders involved have included an additional 13,600 customers in their redress and compensation schemes since September.

A total of €297 million has now been paid to affected customers in redress & compensation.

Image: Central Bank

In a statement, Central Bank Governor Philip R. Lane said: "Many lenders publicly state that they put customers first. The evidence of the Examination that we have seen suggests otherwise.

"The Central Bank recognises the devastating effects that lenders’ failures have had on families and individuals. That is why we’re using all our powers to force the banks into line and ensure all affected customers are included for redress and compensation."

Customers can also appeal 'if they believe any aspect of the redress and compensation offered by their lender is insufficient'.

Mr Lane explained: "It is important to note that customers can accept the redress and compensation offered and still make an appeal – they can 'cash the cheque' safe in the knowledge that what they have, they hold. Redress and compensation offers cannot be reduced if a customer makes an appeal."

In October, the Government increased pressure on banks to resolve the scandal - with Finance Minister Paschal Donohoe saying they believe that "the behaviour of the banking sector in relation to tracker mortgages was disgraceful".