The Labour Party is calling on banks to restore tracker mortgages.

The Minister for Finance, Education and Skills, and Arts, Joan Burton TD, made the call after a recent report by Charlie Weston in the Irish Independent said that banks in some instances are refusing to restore tracker mortgages to customers who had them wrongly removed.

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Minister Burton accused the banks of "cheating" customers out of their tracker mortgages, and said their refusal to restore them is simply "not good enough".

She said: "They may be paying some level of compensation to those people who were wrongly deprived of the tracker mortgage, but they need to go much further.

"There may be some instances where the wronged borrowers have moved on and where they are satisfied with their new arrangement, but any customer who has asked to be put back on a tracker mortgage, must be facilitated. I believe it is incumbent on the Financial Service Ombudsman to make sure that this happens."

(CD/MH)