Fianna Fail Spokesperson on Finance, Michael McGrath has said the approach by KBC Bank to questions on the bank’s tracker investigation at yesterday’s Oireachtas Finance Committee was quite staggering and an affront to the bank’s Irish customers.

Deputy McGrath, “I have to say I was personally taken aback at the unwillingness of KBC to provide any meaningful information on the tracker investigation at yesterday’s meeting. The bank’s CEO Wim Verbraeken confirmed the bank would miss tomorrow’s Central Bank deadline for the completion of phase 2.

“What’s worse is that he could not even provide an estimate of when the bank will complete this work.

“Incredibly, the bank has yet to even make contact with customers whose accounts are being examined as part of the investigation. This is despite the fact that the bank has been examining these accounts for at least the past 18 months. This is simply not good enough.

“In recent weeks, I have been contacted by many affected KBC customers – some of whom are still paying up to €800 per month more on their mortgage than they should be. This level of overcharging has quite understandably caused enormous hardship for the individuals and families affected. We also had confirmation yesterday from KBC that some of their customers have suffered the devastation of losing their home as a result of being overcharged by the bank.

“In light of yesterday’s defiance by KBC and their complete failure to engage with customers affected by the overcharging scandal, the Central Bank now needs to step up to the mark and prove its mettle in the interests of all financial services consumers in Ireland,” concluded McGrath.