Irish Watchdog Says Mortgage Lenders Paid €683M Redress

Law360, London (July 16, 2019, 1:22 PM BST) -- Irish lenders have paid out €683 million ($767 million) in redress and compensation to victims of a mortgage scandal that goes back almost a decade, Ireland's central bank said Tuesday.

Figures from the Central Bank of Ireland’s final report into the scandal showed that, by the end of May, banks had compensated 40,100 borrowers who had suffered “immense distress and damage” after being overcharged for their tracker mortgages. The regulator said it was "the largest, most complex and significant consumer protection review" it has undertaken.

Thousands of bank customers were either denied the right to cheap mortgages that followed the European Central Bank’s...

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