The banks must be held to their promise that all customers affected by the tracker mortgage scandal will get their money back plus compensation by the end of June, according to Fianna Fáil Spokesperson on Finance Michael McGrath TD.
Deputy McGrath was responding to comments reported on RTE News from the Governor of the Central Bank Philip Lane in Washington where he said ‘most’ of the customers wrongly denied tracker mortgages will have received their payments by June but that some banks ‘still have a way to go’.
Deputy McGrath commented, “It is extraordinary to think two and a half years on from the commencement of the Central Bank tracker investigation, there are customers out there who have still not got their own money back. The principal reason for this is that some banks have at every opportunity sought to minimise the impact of the scandal and exclude certain groups of customers.
“The Central Bank should not tolerate any further delays in this process and needs to insist that all customers receive the appropriate redress and compensation by the end of June as promised. The Regulator must ensure that all outstanding issues are addressed including the ‘prevailing rate’ customers in AIB and Permanent TSB. Banks that miss this deadline should be subject to tough regulatory action.
“Separately, the Governor’s warning about possible overheating in the Irish economy is timely and needs to be taken on board by Government. Fianna Fáil has been consistently arguing that we have to make preparations in the good times for the next economic downturn.
“This means managing the fiscal situation responsibly, putting money aside in a Rainy Day Fund and maintaining a sharp focus on the competitiveness of the Irish economy. With the fallout from Brexit looking less certain with each passing day and the international tax environment changing so quickly, it is all the more important we make the right domestic policy choices.”