Bank of Ireland reports strong progress to close out Tracker Mortgage issue
- Proactive outreach to 100% of affected customers
- Offers made to 97.5% of affected customers
- Intensive efforts underway to trace remaining customers
25 April 2018 – Bank of Ireland’s latest update in relation to the Central Bank of Ireland Tracker Mortgage Examination shows strong progress in the resolution of the Tracker Mortgage Examination.
- Offers of redress and compensation have now been made in relation to 9,096 customer accounts – 97.5% of all affected customer accounts
- The total amount of redress and compensation offered to affected customers stands at €132 million so far
- Approximately 8 in 10 affected customers have received their redress and compensation – more than €102 million has been paid – and outstanding payments will be processed within three to seven days of the Bank receiving payment instructions from customers
In line with the commitment to contact all customers by the end of March 2018, Bank of Ireland made proactive efforts to contact every affected customer before this date. In a small number of cases where customers have changed address or moved abroad, intensive efforts are underway to trace these customers. Bank of Ireland is continuing to engage constructively with the Central Bank of Ireland in order to bring this issue to the right conclusion for all impacted customers as swiftly as possible.
Francesca McDonagh, Group CEO of Bank of Ireland said:
“Addressing the tracker issue decisively and quickly has been a top priority for my team and me. Our actions reflect our culture and the focus has been on making things right for our customers. We have made proactive efforts to contact every impacted customer and made offers to 97.5%. Intensive efforts continue to trace a small number of remaining customers.”
As set out in the customer letters offering compensation and redress, affected customers may also request an Appeals Pack through the Independent Secretariat which is managing the appeals process. This can be done by either calling 1800 818 797 or by email to firstname.lastname@example.org.