What Does CEO Colin Hunt Say About The AIB Tracker Mortgage Scandal?
Colin Hunt, the prolific AIB CEO, and AIB itself have come under bad times in 2022.
The bank and its EBS subsidiary received a record-breaking fine of €96.7m in a tracker mortgage scandal.
Independent Ireland writes that AIB was authorized to deny more than 12,000 customers cheap tracker mortgages when interest rates were rising.
Welcome to Ireland. Void of consequences for scamming 15,000 tracker customers. The sleepy regulator will take €70m & all will be forgiven! No one held accountable again! AIB set for record Central Bank fine over tracker mortgage scandalhttps://t.co/VgoKVOCray— David Hall (@davidhall75) June 23, 2022
The case has cost AIB €600m, including refunds, compensation, legal fees, and other administrative expenses. These recorded details trace back to the time before being fined.
Surprisingly, the hefty €96.7m fine reduces AIB's initial potential penalty of €119m. The Central Bank reduced a third of the fine after AIB surrendered to fifty-seven charges.
The ongoing notorious tracker scandal is cited as the biggest overcharging issue to hit the Irish banking sector, as AIB's fine is more than double the fine imposed on Ulster Bank for the same tracker issue.