Ulster Bank to appeal High Court defeat in tracker mortgage dispute with ombudsman

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Bank has said that adverse outcome in the cases may affect thousands of customers and trigger ‘enormous financial’ consequences for the lender

Ms Justice Marguerite Bolger scheduled the short hearing for later this month.

Ulster Bank, which is part of the NatWest Group and is exiting the Republic of Ireland market, said in its latest annual report that the outcome of the cases “may have a materially adverse impact” on the firm. Counsel for the bank told the court in October that the cases may affect “thousands” of customers and trigger “enormous financial” consequences for the lender.

They subsequently applied in May 2007, as European Central Bank rates were rising, to fix their interest rates until August 2010.

 

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