The Central Bank of Ireland have revealed that the total cost for refunding mortgage holders wrongfully switched off their tracker mortgages will cost in the region of €900m.
In an announcement on Thursday the Central Bank’s Philip Lane revealed that the full scale of the sacnadal which has effected over 33,000 customers will cost in excess of a billion euro.
Speaking about the scandal which seen many customers lose their home, Mr Lane revealed the bank will have to pay over €600m in compensation fees, whilst another €300m will be allocated to cover legal costs.
The massive payout which has been seen as justified by the general public, comes after a number of banks across the country were caught illegally switching their customers mortgage plans without notifying them.
However the damage may not end there for the Central Bank as they could be forced to pay hefty fines in the wake of the scandal.