Of this, approximately €78m has been paid out in redress and compensation
They say "redress and compensation" . But I agree with you . "Refunds" would be a much better word. If the normal compensation is 10% of the refund due, it means that the refunds were about €65k and maybe €13k compo.
Good point. Of course there should be consequences for the banksters who planned this deliberate overcharging of so many customers but this is Ireland so it won't happen.I think it should be called Overcharge Refunds. Why do they get away with misleading terminology that makes it look like they are the good guys and that mortgage holders are getting millions when it's not true.
Great letter. The terminology is certainly misleading. The public needs to be reminded that we are simply being refunded our own money stolen from us by the banks in an industry wide "scam". The redress being offered is paltry and the consequences for the individuals who deliberately took these tracker rates away from customers are non existant.In an effort to encourage 'refunds' rather than other terminology
https://www.irishtimes.com/opinion/letters/tracker-mortgages-and-the-banks-1.3026642?mode=amp