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Central Bank “out of their depth” on trackers scandal - Doherty

20 December, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the Central Bank is “out of their depth” in tackling the tracker mortgage scandal.  He was speaking following exchanges with Central Bank Governor Philip Lane.

Deputy Doherty said:

“Today we heard shocking new figures that up to 15,000 families may have been victims of this scandal. The fact that the Committee has to be suspended in order to let the Central Bank go collate the figures sadly reflects the fact that they seem to be out of their depth in tackling this crisis.

Today’s exchanges with the Governor only raise new questions about the numbers affected and whether the Bank is prepared to act on behalf of the 2,100 cases that have already been settled but without any compensation from Bank of Ireland. I also raised the need to ensure that customers are returned to the tracker rate they signed up for.

I am now less confident than ever that the Central Bank has the appetite to stand up to the banks on this issue. From speaking to victims I am concerned that the banks are already backtracking on commitments given in terms of timeframes. The Central Bank seem to have rolled over and accepted that the banks are going to take their time with this issue rather than making it an urgent priority.

We must remember that in 2009, seven years ago, the Financial Services Ombudsman requested that the Central Bank begin an industry wide investigation.  Listening to the Central Bank today it is clear that even at this very late stage they are still struggling to understand the scale and gravity of this crisis. In short they are out of their depth and victims of the banks’ theft will not be encouraged by what they have heard.” ENDS

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