Tag Archives: tracker

Bank of Ireland has said the cost of compensating thousands of mortgage customers it overcharged could rise to €200m from €25m after it identified 6,000 new cases.

The affair will curtail the institution’s interest margin by 1 basis point from 2018 onwards, the bank said in a stock market notification.

…In an update to the market on Thursday afternoon, Bank of Ireland said it will set aside a further €150m to €175m in its current fiscal year to cover redress and compensation for the 6,000 new cases.

The bank had earlier set aside €25m to compensate 600 tracker customers it previously identified and another 3,700 customers who had the wrong interest rate applied to their mortgages.

Bank of Ireland expects mortgage compensations costs to rise to €200m (Financial Times)

Pic: RTÉ

90304653(Christine Lagarde and Enda Kenny at the G8 meeting in Fermanagh)

Do you know what have a tracker?

The IMF would like to remove your tax relief.

The idea is that savings from taking mortgage tax relief [about €1,200 per couple] off those on trackers would be used to subsidise the banks for the losses being made on these products, although how this would work is not fully explained in the IMF report.

 

It’s OK.

It would only affect around 500,000 mortgage holders.

Everyone stay cool.

Homeowners on trackers ‘should lose tax relief’ (Charlie Weston, Irish Independent)

(Laura Hutton/Photocall Ireland)

MORTGAGE lender Permanent TSB has been forced to put 53 customers back on trackers and compensate them.

It comes a week after AIB admitted it had to restore trackers to 214 customers, after failing to offer them trackers when they came off a fixed rate.

In May, Bank of Ireland had to restore more than 2,000 people to trackers after it admitted it failed to observe Central Bank rules about the need to warn customers of the cost implications of giving up a tracker.

Lender pays compensation after error with trackers (Independent)