AIB makes 300 million euro provision for mortgage tracker redress

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEC0D0AP_M.jpg
© Reuters. AIB makes 300 million euro provision for mortgage tracker redress© Reuters. AIB makes 300 million euro provision for mortgage tracker redress

LONDON (Reuters) – AIB Group (I:) has set aside a further 300 million euros ($331.53 million) to cover possible compensation owed to customers caught up in Ireland’s mortgage tracker scandal.

In a statement on Tuesday, the board of the Irish bank said it had set aside the sum after acknowledging that “redress may be due to a previously identified group of customers who had an option of a prevailing tracker rate”.

AIB said it was in discussions with Ireland’s Central Bank with regard to potential appropriate treatment of this group of customers.

Thousands of Irish homeowners have been paid compensation by banks in recent years after regulators discovered mortgage lenders had systemically overcharged on home loans that should have been switched to cheaper rates.

The provision will be taken in the bank’s 2019 financial results.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.