National Irish Bank confirmed this morning that it had launched a programme which will see 47,000 customers reimbursed following a High Court Inspectors' report earlier this year which found the bank had imposed improper charges on some customers.
The bank said that while documents relating to some accounts were missing it would be automatically repaying customers where amounts involved were less than €13, irrespective of whether documentation was available.
It has today written to 47,000 customers to inform them that the first tranche of reimbursement was underway. This will complete the fee review for approximately 60 per cent of all affected customers accounts, the bank said.
The bank says remaining cases would be investigated on a case-by-case, basis and said work on this phase would take up to a year to complete.
The Bank has set aside €10.6 million to cover the total cost of this programme, including an estimate to cover those periods for which records of amendments do not exist.
National Irish Bank's Chief Operating Officer Mr John Trethowan has apologised to everyone who had been affected.
"This is a comprehensive scheme that gives our customers the benefit of the doubt in every case. We have also instigated a comprehensive change programme and introduced new systems and controls, transforming how we operate as a business," he said.
