Allied Irish Bank Sets Aside €300M For Mortgage Redress

Law360, London (February 4, 2020, 11:27 AM GMT) -- Allied Irish Bank said Tuesday it has set aside a further €300 million ($332 million) to cover compensation that it could be ordered to pay to customers caught up in Ireland's mortgage tracker scandal.

AIB Group PLC is one of five lenders caught up in an investigation by the Irish Central Bank into a mortgage saga that goes back almost a decade, and which is likely to lead to fines being handed out. Lenders in Ireland overcharged borrowers thousands of pounds for the mortgages, which track interest rates.

The latest hit comes on top of the €265 million the lender put...

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