Banks to admit to thousands more in tracker scandal today

Figure for impacted mortgage holders may breach the 30,000 level

Banks were told to update the regulator by Monday evening with revised estimates of the numbers affected.

Banks were told to update the regulator by Monday evening with revised estimates of the numbers affected.

 

The State’s banks are set to acknowledge thousands of additional cases of overcharging in the tracker mortgage scandal on Wednesday, under pressure from the Central Bank to finally draw a line under the matter.

Banks were told to update the regulator by Monday evening with revised estimates of the numbers affected.

The Central Bank launched an industry-wide examination of tracker mortgages in 2015, five years after it first forced Bank of Ireland, Permanent TSB and KBC to restore thousands of their customers to tracker mortgages.

Eleven current and former mortgage lenders have so far acknowledged as many as 27,527 cases, mostly across the five remaining retail banks.

The five have so far set aside €800 million of provisions to cover refunds, compensation and other costs related to the examination.

There were indications on Friday that the industry figure for impacted mortgage holders may breach the 30,000 level, including more than 7,000 cases resolved in 2010.

Minister for Finance Paschal Donohoe is expected to publish an update on progress at 2pm.