AIB Has Been Hit With €96.7M Fine For Tracker Mortgage Scandal

Thursday, 23 June 2022 10:12

By Caoimhe Harney

The fine is in relation to the tracker mortgage scandal.

AIB has been hit with a multi-million euro fine for its part in the tracker mortgage scandal.

AIB will be fined 96.7 million by the Central Bank of Ireland for their role in the tracker mortgage scandal.

The fines bring the total sanctions imposed on lenders for tracker mortgage failings to €174m, on top of the €737m paid to customers in redress and compensation under the Central Bank-initiated Tracker Mortgage Examination.

The bank's reportedly being sanctioned for denying 15 thousand customers cheaper tracker mortgages against the backdrop of rising interest rates.

Last March, Ulster Bank was fined over €37.7 million by the Central Bank for the same offence against nearly 6 thousand customers - 43 of those lost properties.

The sanctions come after an ongoing six year investigation.

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