Bank of Ireland sets out path for resolution of tracker mortgage issue

Compensation process is commencing for impacted customers

Francesca McDonagh: “I believe that the way in which we address this issue will define the customer centric culture we aspire to at Bank of Ireland and this is why I have made resolving this issue my personal priority since joining the Bank.”

Thursday, 09 November: Bank of Ireland has today set out a clear path for the resolution of the tracker mortgage issue for impacted Bank of Ireland customers.

Over the past two week period substantial progress has been made. As required by the Central Bank, the Bank has continued to review whether further customers should be included in the compensation process. The Bank is now working to ensure that compensation payments are made as swiftly as possible to all impacted customers.
Compensation process for previously identified impacted customers: The commencement of the compensation process has been a key priority. Approximately 4,300 customers will shortly be written to by the Bank with an offer of compensation. These letters will also set out the range of options which are open to customers and the Bank aims to compensate all of these customers, subject to their agreement, by the end of this year.
Additional impacted customers: It is the Group’s objective to fully resolve the Tracker Mortgage Examination Review, and to take an approach which seeks to respect our legal and contractual commitments and also ensure fair outcomes are achieved for our customers, consistent with the customer centric culture the Group aspires to. On this basis, the Group has therefore agreed to include an additional c. 6,000 accounts within the scope of the compensation scheme. The Group will ensure that all impacted customers who continue to have an open mortgage account will be returned to their correct tracker rate as soon as possible, and aims to compensate all these customers, subject to their agreement, as quickly as possible, starting before the end of 2017.

Francesca McDonagh, Group Chief Executive, Bank of Ireland, said:

“Since taking up the role of CEO at Bank of Ireland in October, making progress on the tracker issue has been a top priority. We have since made substantial progress in relation to the issue.

“The bank is also confirming today that c.6,000 additional customers will be part of the compensation scheme. This now gives us a clear picture of the number of impacted customers. The compensation process is commencing, and our priority is to ensure that all impacted customers are compensated as quickly as possible.

“I believe that the way in which we address this issue will define the customer centric culture we aspire to at Bank of Ireland and this is why I have made resolving this issue my personal priority since joining the Bank.

“I unreservedly apologise to all impacted customers for the financial loss and anxiety this has caused them and their families.”

Any Bank of Ireland customer who wishes to make contact with the Bank on this issue can call the Bank of Ireland Tracker Mortgage Examination Team on 1890 882 722 (Monday to Friday, 9am to 8pm; Weekends 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.