Details of a significant fine to be imposed on Bank of Ireland will be revealed this morning.

The Central Bank is expected to impose a fine in excess of 100 million euro on the bank over the lender's handling of its tracker mortgage customers.

The bank has set aside 120 million euro in its accounts to deal with the fallout from the affair.

41,000 borrowers were caught up in the tracker mortgage scandal, with 99 family homes lost as well as 216 buy-to-let properties.

The controversy began after the banks denied tracker rates to customers who were entitled to them or put them on the wrong rates.

The issue has so far cost Bank of Ireland almost € 330 million since 2016 in refunds and compensation, legal fees and administrative expenses, as well as provisions set aside for a Central Bank fine.

In June of this year, the Central Bank issued a record € 96.7 million fine to AIB and EBS for their part in the scandal.

Permanent TSB was fined € 21 million by the Central Bank and in 2020, KBC Bank Ireland was fined more than € 18.3 million Euro.


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