November 28, 2017 / 2:49 PM / a year ago

Irish says all mortgage compensation schemes ready by year-end

DUBLIN, Nov 28 (Reuters) - Most Irish lenders will have started redress and compensation schemes for mortgage customers they overcharged in recent years by early December, with the remainder established by the year-end, Irish Central Bank Governor Philip Lane said on Tuesday.

Irish banks are under threat of being penalised by the government if they do not speed up redress for borrowers who should have been given the option of cheaper “tracker” mortgages, which follow the European Central Bank rate, or kept on a better rate years ago. (Reporting by Conor Humphries; writing by Padraic Halpin; editing by Alexander Smith)

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