Tracker victims paid €0.25bn

IRISH tracker mortgage holders who were done out of low-cost interest rates by banks have been repaid €0.25billion, the Finance Minister revealed.

Redress and compensation was made by the end of last year to 12,900 customers who paid too much for their loans.

They were identified by a Central Bank review and Paschal Donohoe warned banks should make further progress by March or face action.

He added: “This examination has laid bare the fact that very poor cultural and governance issues still exist within lending institutions in Ireland post the banking crash, and that if banks are to regain the trust of customers then they must be prepared to change their attitudes significantly.

“Customers of these lenders have been treated appallingly and in some severe cases have even lost their homes, either directly or indirectly, due to the

Mr Donohoe shameful behaviour of their lenders. This behaviour is simply unacceptable.”

Sinn Fein TD Pearse Doherty said those affected wanted accountability.

He added: “They want somebody to pay the price, somebody to be held responsible. They don’t want this swept under the carpet.

“It is pathetic, the type of compensation being offered by the financial institutions.”