The full impact of the tracker mortgage scandal was laid bare in the Central Bank of Ireland’s final report on the issues on Tuesday. In May, Permanent TSB was fined a record €21 million and reprimanded by the Central Bank for its failings. The Central Bank’s examination has run for more than 3½ years, but this issue has been festering for much longer than that. Derville Rowland, director-general of financial conduct at the Central Bank, said the tracker scandal had caused “immense distress and damage” to customers. In a statement reacting to the Central Bank’s report, Hayes said the tracker mortgage scandal represented a “shameful chapter” in Irish banking history, which caused “great distress and financial damage to many bank customers”.

Source: The Irish Times July 17, 2019 04:46 UTC