November 28, 2017 / 2:54 PM / a year ago

Irish central bank says all mortgage compensation schemes ready by year-end

DUBLIN (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.

Governor Philip R. Lane looks on at the publication of the Central Bank of Ireland's review of residential mortgage lending requirements in Dublin, Ireland November 23, 2016. REUTERS/Clodagh Kilcoyne

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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