January 30, 2018 / 8:10 PM / in 6 months

Bank of Ireland CEO says mortgage compensation provision adequate

DUBLIN, Jan 30 (Reuters) - Bank of Ireland has offered compensation to 90 percent of mortgage customers it overcharged and expects the total package to come within the 175 million to 200 million euros ($217 million-$248 million) it set aside last year, the bank’s chief executive said on Tuesday.

Irish banks have faced pressure from regulators and government to speed up redress for the over 30,000 borrowers who should have paid less on their mortgages over a number of years. Bank of Ireland has so far made offers totaling 109 million euros to its affected customers.

“Our projection of the cost of the compensation and redress is within that provision. Our expectation continues to be that is the correct level, including any legal cases or appeals,” Francesca McDonagh told a parliamentary committee.

$1 = 0.8062 euros Reporting by Padraic Halpin; Editing by Adrian Croft

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