Total affected rises to 37,100

The number of people affected by the tracker mortgage scandal could rise further.

The Central Bank revealed earlier that an extra 3,400 homeowners were put onto the wrong rate by their banks – but says most have now been compensated.

The investigation by the regulator is due to be finalised by June.

Derville Rowland is head of Financial Conduct with the Central Bank;

In terms of the numbers of affected customers in each category, approximately 63% of redress and compensation payments made to end-March were under €10,000.

Some 29% were in the €10,000 to €50,000 range, while c.6% were between €50,000 and €100,000.

Approximately 450 people received redress and compensation of more than €100,000, including 11 customer accounts which received redress and compensation in excess of €500,000 due to loss of ownership of properties.

A financial adviser who has worked with those hit by the tracker scandal predicts the number will rise to 40,000.

The Bank says almost 90 percent of those have been offered compensation, but financial adviser Padraic Kissane says most of that money is just a refund.

And he says the toll suffered by those affected is vast;