Dublin South West TD, Seán Crowe, has described the news that only 40 customers, out of the 3,500 Ulster Bank customers that were overcharged on the tracker mortgages, have been compensated 2 years after the scandal emerged as simply unbelievable.

The Sinn Féin TD was speaking following an Oireachtas Finance Committee meeting where it emerged that 3,500 Ulster Bank customers were affected by the tracker scandal, a significantly increase from the original 2,000 customers that it first stated.

Deputy Seán Crowe:

“I listened with growing disbelief to the statements coming from Ulster Bank executives at the Finance Committee, particularly that the number of customers impacted by the overcharging of tracker mortgage had increased from the original 2,000 to 3,500. Even more surprising and disturbing was that only 40 of these customers have been compensated.

“It is simply appalling and just not good enough that 2 years after it first emerged that errors had occurred and tracker mortgage customers were over charged, that those same customers are still in a financial limbo waiting on their money to be returned.

“Ulster Bank executives confirmed at the Committee meeting that in some cases customers are owed over €100,000 and up to a third of the original customers that were overcharged have switched to another bank.

“It is simply unbelievable that customers should have to wait this length of time and the Central Bank, which is the so called regulator, should fail to take any action against the slow progress of Ulster Bank in repaying its customers.  They clearly need to flex their muscles and put pressure on the bank.

“I believe the abject failure of the Central Bank to act in this case has encouraged Ulster Bank and others to adopt a do nothing or little approach that is impacting on thousands of its current and former tracker mortgage customers.”