http://www.irishtimes.com/business/...de-206m-for-mortgage-redress-scheme-1.3072837
Ulster Bank in the Republic set aside €206 million last year to cover the costs of a mortgage redress scheme for customers who were denied a tracker interest rate on their homes loans over the past decade.
This emerges in the bank’s latest statutory accounts, published on Friday, and is to cover “potential remediation and project costs”.
Ulster Bank had previously set aside €5 million in 2015 to cover the cost of the scheme, which is part of an industry-wide review of tracker mortgages ordered by the Central Bank in December 2015.
The accounts state that the bank has begun to write to the affected customers.
Ulster Bank in the Republic set aside €206 million last year to cover the costs of a mortgage redress scheme for customers who were denied a tracker interest rate on their homes loans over the past decade.
This emerges in the bank’s latest statutory accounts, published on Friday, and is to cover “potential remediation and project costs”.
Ulster Bank had previously set aside €5 million in 2015 to cover the cost of the scheme, which is part of an industry-wide review of tracker mortgages ordered by the Central Bank in December 2015.
The accounts state that the bank has begun to write to the affected customers.