Permanent TSB has been ordered to set up a redress scheme for almost 1,400 mortgage holders, after it emerged the bank had not given them the option of switching to a cheaper rate.
The issue affects customers at Permanent TSB and its subsidiary Springboard mortgages.
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The bank has admitted that 22 of the customers affected ended up losing their homes because of the higher rate of repayment they were asked to pay.
It's to write to all affected customers, with compensation of 50,000 euro for those who lost their homes, while other customers will receive 3,200.
Chief executive Jeremy Masding has offered an unconditional apology to the affected customers
