Banking

Bank of Ireland to be hit with major fine over tracker scandal

The lender will be the last of the major Irish banks to be penalised

Bank of Ireland has set aside €120 million due to the controversy. Picture: Rollingnews.ie

The Central Bank will issue a multi-million euro fine to Bank of Ireland for its role in the tracker scandal.

The exact amount will be revealed tomorrow, but the lender has already set aside €120 million to deal with tracker issues.

The scandal arose when customers were either denied a cheap tracker mortgage rate, or charged the wrong price entirely. This resulted in thousands of people paying higher mortgages than they should have, with dozens ...