Bank of Ireland hit with record €100m fine over tracker mortgage scandal (via Irish Times)

Customers of seven lenders investigated by Central Bank lost a total of 327 properties as result of overcharging scandal

Bank of Ireland has been fined a record €100.5 million for its role in the State’s tracker mortgage scandal, which resulted in huge overcharging of borrowers and an industrywide loss of 327 homes.

The Bank of Ireland penalty eclipsed the previous record of €96.7 million levelled against AIB and its EBS subsidiary in June — and brings total tracker fines against seven lenders subjected to enforcement investigations to almost €279 million.

The Central Bank said Bank of Ireland’s failures resulted in the loss of 50 properties, including 25 family homes, which would have been avoided if it “had complied with the most basic fundamentals of its consumer protection obligations”.

To read the full story please visit: