Over 160,000 people who were mis-sold credit card protection insurance are in line for an average payout of €100-€200 payout from a new scheme established by the Central Bank.
The Central Bank said that information provided to customers, when the protection insurance was first sold to them, advertised some benefits which were not needed.
The Central Bank's Director of Consumer Protection Bernard Sheridan said the bank estimates people will be in line for a payout of up to €200.
"If you look at an individual case you are talking about maybe €100-€200 or in some cases it will be over €200 for individuals," he said.
Mr Sheridan said the annual premium for the policy was €30-€45 and this can be claimed back.
The policies were provided by Homecare Insurance and were purchased through a number of credit card providers - Bank of Ireland, MBNA and Ulster Bank.
Policy holders had taken out insurance to protect them in the event of the card being stolen and used but the Central Bank said customers did not need additional insurance for this as it was contained in the original product.
Mr Sheridan said that ultimately customers may need evidence for a refund, but the onus was on the credit card providers to make sure everyone who was entitled to a refund got one.
