Ulster Bank Ireland DAC indicated that 200 staff working on the tracker mortgage scandal may be made redundant once the mortgage examination is complete, The Irish Times reported Feb. 1.
The bank had retained some people at risk of redundancy by assigning them to help with the tracker mortgage issue, CFO Paul Stanley told the Oireachtas finance committee. The scandal concerns mortgage holders who were prevented by banks from benefiting from cheaper "tracker" mortgages that track the ultra-low ECB rate, or who should otherwise have been kept on a better rate.
The number of cases involved in the scandal is expected to increase within the next few weeks, Stanley said.
Royal Bank of Scotland Group Plc is the ultimate parent of Ulster Bank Ireland.
