Update on Ulster Bank’s Tracker Mortgage Examination

Tracker Mortgage Examination

Tracker Mortgage Examination Public Statement
 

Ulster Bank has agreed the following update for customers affected by the Tracker Mortgage Examination:

- 1,000 customers to receive payments by the end of 2017;

- This will increase to 2,500 customers in Q1 2018 with the remainder in Q2 2018;

- Where we identify a customer who has lost their home as a result of the loss of a tracker rate, we communicate with them, arrange a meeting and offer an upfront initial payment of €50,000.

Ulster Bank Chief Executive Gerry Mallon said:

“I would like to apologise unreservedly for the failures which led to customers losing their tracker rates, as well as for the length of time which it is taking for us to put this right. While we have returned existing customers to the correct tracker rate and started to pay redress and compensation, I acknowledge that this process is taking far too long to complete and this is not acceptable. I apologise to all customers, even those not impacted by the examination for this. We have listened, we are learning and we are focused on completing this process, putting this right and rebuilding our customers’ trust in Ulster Bank.

“We have agreed a timeline for the completion of our redress programme and we will pay 1,000 customers by the end of the year. Please be assured that we are doing everything possible to resolve this and we will update again in due course.”

Progress to date:

- Just under 3,500 identified as impacted;

- Existing impacted customers have been put back on their tracker rate;

- We have started to pay redress and compensation with 100 paid to date.

Should you require any additional information or support, please contact the Tracker Mortgage Examination Helpline and advise our team of this on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded for training and quality purposes.

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Tracker Mortgage Examination

We have put in place a dedicated tracker mortgage enquiries team to assist with any additional queries our customers may have.

Should you wish to contact us, please call on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad.

Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded.

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