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Irish banks paid €580M to affected customers in tracker mortgage scandal

Irish banks paid out €580 million to customers affected by a mortgage overcharging scandal by the end of August, according to Central Bank of Ireland Governor Philip Lane.

According to Lane's opening remarks at a parliamentary committee in Dublin, the central bank intends to have "more intrusive, targeted conduct supervision of those firms that pose the greatest potential harm to consumers," Bloomberg News reported Oct. 3. Some 38,400 accounts were affected by the tracker loans scandal in 2017, having been incorrectly denied rates they were promised after benchmark interest rates fell, the newswire noted.

Four of the country's banks are nearing completion of the compensation stages, and the central bank is pushing the fifth to complete its scheme. Lane also said the central bank has now more than 100 authorization applications in relation to Brexit, according to the report.