Fianna Fáil Finance Spokesperson, Michael McGrath has said that those affected by the Tracker Mortgage scandal must be given clarity on when they will receive what they are owed by the banks and that those who facilitated it must be held to account.
Deputy McGrath was commenting in advance of his party’s PMB motion on the Tracker Mortgage issue which will be debated in Dáil Éireann on Wednesday, 24th October.
“As part of the current examination, around 13,000 customers have been affected by the banks’ failure to honour the customers’ contractual rights.
“To add insult to injury, many banks have failed to hand back the money owed to their customers. Some are out of pocket to the tune of tens of thousands of euro, leaving many in arrears on their mortgage.
“In some instances, families have had their homes repossessed as a direct result of the banks’ actions.
“We have outlined a number of measures in our motion that the banks, the Central Bank and the Government should implement to help bring about a speedy conclusion to this issue.
“Just one in four customers to date has received redress and compensation from their bank leaving nearly 10,000 people in limbo.
“Worse still, in certain instances, some customers have not even been told that they may be caught up in this issue.
“We believe that if extra powers are needed to empower the Central Bank to allow it complete its work and to enable it impose deadlines on banks to both redress and compensate customers, then this should be done.
“Significantly, it’s our opinion that no repossession proceedings should be allowed to continue on any tracker related mortgage that is part of the ongoing inquiry until all affected customers have been redressed and compensated.
“How 11 separate banking institutions could independently make the same mistake is simply beyond belief.
“We need an investigation, led by the Central Bank, to find out whether there was formal or informal coordination across the industry in the handling of tracker related issues.
“We owe it to the customers affected to ensure that they get the compensation they deserve for the trauma and stress they experienced as a result of the banks’ actions,” concluded McGrath.