Bank of Ireland provides update on resolution of tracker mortgage issue

100% of impacted customers have been returned to their correct tracker rate
Offers of compensation have issued to 8 out of 10 impacted customers
Work is underway to communicate with remaining customers as quickly as possible

Wednesday, 20 December: Bank of Ireland has today provided an update in relation to the Central Bank of Ireland Tracker Mortgage Examination.

During the past two months substantial progress has been made in relation to returning customers to their correct tracker rate, contacting customers with offers of compensation, and making compensation payments where agreed with the customer.

In total (i.e. for all customers identified as impacted within Bank of Ireland over the lifetime of the examination) up to 20 December:

100% of impacted customers with an open mortgage account have been returned to their correct tracker rate.
7,270 customers have now been contacted with an offer of compensation, and an additional 400 offers of compensation have issued today. This means that offers of compensation have issued to 8 out of 10 impacted customers.
1,947 customers have requested and received payment of their compensation to date – a further 250 compensation payments are currently being processed, bringing the total to c. 2,200.
Bank of Ireland is working to issue offers of compensation to all remaining impacted customers by early 2018.
Bank of Ireland is continuing to work proactively to ensure that all remaining impacted customers are offered and paid compensation, subject to their agreement, as soon as possible.

Francesca McDonagh, Group CEO of Bank of Ireland, said:

“When I met Minister Donohoe in October, I committed to fixing this issue as quickly as possible. I have given this issue top priority since taking up my role.

“Offers of compensation have now issued to 8 out of 10 impacted customers. We are also working to ensure that as many customers as possible have their compensation payment in their account before the end of the year. By the end of this week we will have made more than 2,200 compensation payments to impacted customers.

“We are working hard to make things right for all impacted customers – and are continuing to work closely with them to ensure that we can fix this issue, as sensitively as we can, in all cases.”

Any Bank of Ireland customer who wishes to make contact with the Bank can call the Bank of Ireland Tracker Mortgage Examination Team on 1890 882 722 (Monday to Friday, 9am to 8pm; Saturdays, Sundays and Bank Holidays, 9am to 5pm), email tracker@boi.com or write to the following address:

Bank of Ireland Tracker Mortgage Examination
PO Box 400
Castleisland
Co. Kerry

Ends

Note to Editors

Over the course of the entire examination, the most up to date figures show that approximately 6,000 Bank of Ireland customers have been identified where a right to, or the option of, a tracker rate of interest was not appropriately provided to the customer. In addition, the Bank has also identified a small rate differential (of an average 0.15%) on approximately 3,400 accounts on a tracker rate of interest which was not the appropriate rate specified in the account loan documentation.