Bank of Ireland Resists Including 200 Employees in Tracker Repair Plan

Bank of Ireland executives insisted Thursday before an Oireachtas finance commission that up to 200 employees seeking to be included in the lender's mortgage lender appeal system are not likely to be involved in the mortgage lender. are not entitled to reimbursements and compensation.

At the hearing, the managing director of the Bank of Ireland, Francesca McDonagh, said the bank had examined this number of borrowers a number of times. "We do not believe that they should be included in the review," said McDonagh, adding that the group is currently not in talks with the Central Bank on any particular "cohorts" Borrowers who were wrongly excluded.

The bank said that the number of accounts identified as impacted by a tracker-mortgage review ordered by the Central Bank at the end of 2015 had increased from 13 since March, to 9,345, and that between them were offered a total of 137.3 million euros of compensation. This figure adds to the 5,100 cases that the bank was forced to rectify in 2010, while the borrowers were on the wrong rate.

While the company's employees were included in the turnaround plan, the 200 litigious cases involved a group of customers who claim that the bank waived a commitment to move them on trackers after a period of time. fixed at the end of 2008, at a time when the bank was no longer offering this product.

Meanwhile, Ms. McDonagh told TD on Thursday that it was "not unreasonable" to expect the bank's problem loan ratio – either exposures non-performing – fall to 5% in the next 24 months. The bank's NPE ratio has decreased by three-quarters to 8% over the last four years.

Bank of Ireland is the only bank among the three banks that have been the subject of a bailout not to resort to portfolio sales to reduce the number of its impaired loans, although Ms. McDonagh says that the group maintains its options.