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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!