Ulster Bank has apologised for failing to put 1,300 customers on the correct mortgage repayment schedules.
The bank had offered clients the option of paying only the interest and not the capital on loans for between two and five years.
However, in a number of cases it failed to convert the repayments to interest and capital at the date when that was supposed to happen.
The under collection of capital was €40m. The bank accepts it made a mistake.
In a statement the bank said it had identified the error and reported it to the Central Bank.
Ulster Bank has given clients four options to the deal with the underpayment.
The first is to avail of an interest-free loan equal to the under-collected summ which would be paid over time.
The second is an extension to the term of the mortgage. The third is to repay capital and interest over the current term, and the final option is to repay the amount owed in a lump sum.
In a statement the Central Bank said: "Any impacted consumers who experience difficulty making revised repayments will be treated sympathetically."
It added customers should be offered all protections under the code of conduct on mortgage arrears where relevant.
The Consumers Association of Ireland said: "The lender must take responsibility for any and all costs associated with recouping of the primary sum involved both past and future."
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