The Central Bank is expected to impose a large fine on Bank of Ireland tomorrow over the lender's handling of its tracker mortgage customers.
The size of the fine is not yet known, but the bank has set aside €120m in its accounts to deal with the fallout from the affair.
Neither the Central Bank nor Bank of Ireland would comment on the matter this afternoon.
Bank of Ireland is the last of the main retail banks, which were investigated by the regulator as part of its tracker mortgage examination, to receive a penalty and reprimand.
AIB and its affiliate EBS were fined a record €96.7m in June for multiple consumer protection breaches.
While in March of last year, Ulster Bank was ordered to pay €37.8m for its failings arising from the controversy.
Months earlier, in September 2020, KBC Bank Ireland was fined €18.3m for serious failings regarding the tracker scandal.
Permanent TSB was the first of the main retail banks to be fined in relation to the tracker issue when it was hit with a €21m sanction in June 2019.
The controversy began after the banks denied tracker rates to customers who were entitled to them when the financial crisis began over a decade ago, or put them on the wrong rates, because the products were starting to cost the lenders money.
Tracker mortgage rates are set at a margin above the main European Central Bank lending rate and rise and fall with it.
During the period of ultra low interest rates, they represented extremely good value for most borrowers who have them.
The Central Bank's 2019 final report into the affair found at least 41,000 borrowers were caught up in the situation, with 99 family homes lost as a result of failings by the banks as well as 216 buy-to-let properties.
