Up to 160,000 people could be in line for refunds of about €300 after they were mis-sold credit card insurance.

Banks and card providers are currently sending out letters and claims forms to customers who took out credit card protection policies.

The optional policy covered customers in the case of credit card loss or fraud, as well as for lost house keys and handbags or wallets.

However, regulators have determined that because banks are already legally responsible for transactions after you inform them of card loss or theft, the part of the insurance relating to credit cards was unnecessary and mis-sold.

According to the Irish Independent, the policies were sold by Bank of Ireland, Ulster Bank and MBNA - which is now Avantcard.

The Central Bank says the refund process can go back to policies sold as long as 9 years ago.