Statements issued by banks on next step in Tracker scandal

The 5 banks that met the Finance Minister over the tracker scandal have issued statements on what they plan to do next.

Bank of Ireland says it will start a compensation process for 4,300 customers from 10 November.

AIB says by year end it will have identified 3,416 customers - 12 of whom lost their homes. Compensation will be paid by the first quarter of next year it says.

Permanent TSB says it has 1971 customers affected and all will be on the correct rate within the next week and, offers of redress and compensation will be issued by the end of December.

KBC says to date it had identified 1041 customers affected but it now accepts there could be as many as 600 more - all will be identified by the end of the year.

Ulster bank says 1,000 of its customers will be compensated by the end of the year with 2500 others compensated early next year. The bank is offering an initial 50-thousand euro to those who lost their homes.

Minister Paschal Donohoe has spoken in last few moments: