Chairwoman of ECB supervisory board, Daniele Nouy, has demanded Ireland’s central bank to enforce the tracker mortgage redress on banks. ECB has taken notice of the increasing reports of banks ripping off their customers, and has stated that those banks will be investigated for their failure of controlling internal misconduct and financial risks. This scandal will cost the banks around 1 billion Euro, according to the Central Bank.
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Irish banks have acknowledged having erred by overcharging customers over tracker mortgages. However, a multitude of victims is yet to receive compensation for having been wrongly denied low-cost loans or wrong rates. The tracker mortgage scandal, stretching back as far as practically a decade, is estimated to have impacted over 30,000 homeowners. If a good number have already received compensation, others may have to wait until June 2018 for same.
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With significantly low rates on many new mortgages, many lenders are offering cashbacks to stand out from the competition. This is the current situation in Ireland. The cashback mortgage deal was introduced by the Bank of Ireland and was later adopted by all major lenders. However, the real question is whether or not cashback offers lead to the best mortgage deals.
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Fine Gael MEP Brian Hayes lodged a complaint at the European Union’s competition body calling for an investigation on Irish banks who may be intentionally denying customers tracker mortgages and overcharging them to the extent that some of them lost their homes.
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