Fianna Fáil TD for Sligo-Leitrim Marc Mac Sharry says the Government must do more than “admonish” banks for their attitude towards customers caught up in the tracker mortgage scandal.

Around 13,000 customers were left on the wrong interest rate, and over 100 lost their homes as a result of the banks’ failure to place them on the correct rate.  This figure is expected to rise further.

Deputy MacSharry explained, “The banks’ treatment of these customers is nothing short of scandalous. Thousands of customers have overpaid on their mortgages and the banks are dragging their heels in terms of compensation.  It is simply not acceptable and the Central Bank must adopt a stronger stance with the banks that are not fully cooperating.

“Last week the Oireachtas Finance Committee heard from customers who had been impacted by the overcharging, among them was homeowner Thomas Ryan who told Committee members that he suffered a stroke at the age of 47. His wife had a nervous breakdown.  The stories were alarming.

“The banks have acknowledged the scandal but are failing to address it.  This has to change.  Fianna Fáil has been advocating for mortgage holders, and particularly those in mortgage arrears, for almost a decade.  In July 2011, I introduced the Family Home Bill, which would have prohibited the repossession of family homes. We also brought forward the Mortgage Resolution Bill in 2013 and the Family Home Mortgage Settlement Arrangement Bill in 2015, but all were voted down by the Government.

“The Finance Minister has decided to call the banks to a meeting next week.  We need more than tough talking at this point in time.  We need action.  There are families across the country whose lives have been made a living hell.  We need to see a timeline now for the banks to repay the compensation due to these customers as a matter of priority”.

Fianna Fáil TD for Sligo-Leitrim Marc Mac Sharry says the Government must do more than “admonish” banks for their attitude towards customers caught up in the tracker mortgage scandal.

Around 13,000 customers were left on the wrong interest rate, and over 100 lost their homes as a result of the banks’ failure to place them on the correct rate.  This figure is expected to rise further.

Deputy MacSharry explained, “The banks’ treatment of these customers is nothing short of scandalous. Thousands of customers have overpaid on their mortgages and the banks are dragging their heels in terms of compensation.  It is simply not acceptable and the Central Bank must adopt a stronger stance with the banks that are not fully cooperating.

“Last week the Oireachtas Finance Committee heard from customers who had been impacted by the overcharging, among them was homeowner Thomas Ryan who told Committee members that he suffered a stroke at the age of 47. His wife had a nervous breakdown.  The stories were alarming.

“The banks have acknowledged the scandal but are failing to address it.  This has to change.  Fianna Fáil has been advocating for mortgage holders, and particularly those in mortgage arrears, for almost a decade.  In July 2011, I introduced the Family Home Bill, which would have prohibited the repossession of family homes. We also brought forward the Mortgage Resolution Bill in 2013 and the Family Home Mortgage Settlement Arrangement Bill in 2015, but all were voted down by the Government.

“The Finance Minister has decided to call the banks to a meeting next week.  We need more than tough talking at this point in time.  We need action.  There are families across the country whose lives have been made a living hell.  We need to see a timeline now for the banks to repay the compensation due to these customers as a matter of priority”.