The Central Bank is expected to indicate next week that a majority of mortgage customers, who were wrongly moved from tracker rates and originally identified, have been compensated and switched back to the correct rate or are about to be addressed.

The regulator originally identified 13,000 customers as part of its current investigation, however the total number of affected customers is much higher.  

The statement from the regulator is expected to be issued next Wednesday as Minister for Finance Paschal Donohoe also issues an update. 

The Central Bank is expected to announce aggregate figures for the number of home loans which have been recognised by the banks as being wrongly moved from tracker mortgage rates.  

How the tracker mortgage scandal came about

It is likely the five main banks will also issue updates on their individual rates of progress following the statements they issued in October.  

Chief executives from the five main banks - KBC Bank Ireland, AIB, Bank of Ireland, Permanent TSB and Ulster Bank - held meetings with the Minister for Finance two months ago following huge controversy over the tracker loan issue. 

Following the meetings, the new CEO of Bank of Ireland Francesca McDonagh admitted that 6,000 of its customers should be moved back to tracker loans. 

This is in addition to the 13,000 originally identified mortgages across the banking system. 

Prior to the current Central Bank investigation, 7,000 mortgages were moved back to tracker rates.