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Bank of Ireland set aside up to 175 million euros for mortgage compensation

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Bank of Ireland set aside up to 175 million euros for mortgage compensation

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DUBLIN (Reuters) – Bank of Ireland <BIRG.I> will make an additional provision of 150 to 175 million euros (£133 million to £155 million) in its financial accounts this quarter after it decided to compensate an additional 6,000 mortgage customers it overcharged. Irish lenders are under threat of being penalised by the state if they do not speed up the compensation. Bank of Ireland, which said last month it could cope with any additional cost, said its core tier 1 capital ratio would fall back to 12.5 percent from 12.8 percent under Basel III industry rules.​

(Reporting by Padraic Halpin, editing by David Evans)
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