Ulster Bank’s €350m tracker compensation fund almost all used up

The bank, which is exiting the Irish market, has used 95 per cent of cash set aside to deal with the mortgage scandal and other customer failings

31st October, 2021
Ulster Bank’s €350m tracker compensation fund almost all used up
Ulster Bank customers continue to lodge complaints relating to the tracker scandal with the Financial Services and Pensions Ombudsman. Picture: Getty

Ulster Bank has used 95 per cent of the tens of millions of euro it had set aside to deal with the tracker mortgage scandal and other legacy customer failings.

The bank, which is preparing to withdraw from the Irish market, has paid out €332 million in redress and compensation to affected tracker mortgage customers out of the €350 million provision it ring-fenced to deal with the issue.

Similarly, Ulster Bank’s remediation programme for “further legacy...

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