In recent years it has emerged that Irish banks had overcharged a portion of mortgage customers who should have been on tracker variable interest rates linked to the ECB refinance rate. The so-called Tracker Scandal has brought to light many instances in which customers have been significantly overcharged on their mortgages and consequently have suffered substantial financial losses in relation to both their family homes and buy-to-let properties. The Central Bank have ordered that all banks must carry out a review of their loan books and adequately compensate all those that have been adversely affected. Customers not satisfied with their compensation have the right to appeal the decision to the bank and to bring the matter further if necessary.
We can provide actuarial reports dealing with the following:
- Assessing the bank’s interest refund calculations.
- Assessing the reasonableness of the bank’s compensation for the overcharging.
- Assessing further losses arising as a result of properties being repossessed and/or sold.
- Assessing losses incurred by other adjustments being made to the loan, e.g. having the term extended or having the interest rate fixed.
- Assessing losses of opportunity arising from the overcharging.
For further information on the above, please contact Peter Byrne, Aaron Kilboy or Conor Sweeney
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