6 Banks Face Multi Million Euro Fines Over Tracker Mortgage Scandal

The Taoiseach says he wouldn't rule out the possibility of bankers being prosecuted over the tracker mortgage scandal.

According to The Irish Times, six institutions are facing multi-million euro fines after 38,000 mortgage holders were wrongly moved onto a higher interest rate.

An investigation by the Central Bank is expected to be completed next year and will also show an increase in the number of customers effected.

The Transport Minister this morning stated that the fines would be inadequate because there's no personal accountability.

But Leo Varadkar says we've seen prosecutions in the past:

'The fines haven't been levied yet and I certainly wouldn't rule out that there could be prosecutions, There have been a number of prosecutions of bankers and bank officials in the last couple of years'.

The banks are facing penalties of up to 10 million euro each or 10 per cent of turnover.

Individuals could be liable for penalties of up to one million euro each.