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Scandalous banking practices on tracker mortgages cost families homes – Donnchadh Ó Laoghaire TD

24 January, 2017 - by Donnchadh Ó Laoghaire TD

Speaking tonight on Sinn Féin’s Private Members motion regarding the malpractice of banks in dealing with Tracker mortgage entitlements, Donnchadh Ó Laoghaire highlighted the negative effects this has had on families, including many in his own constituency of Cork South-Central  

He said:

“We can only speculate as to how many people went without a visit to their doctor because money was unavailable. Or how many children may have been deprived of certain necessities or even educational opportunities, as their parents could not afford it. There is no question that these practices have a real human cost and a wider social cost.”

“The 15,000 customers that have been affected include many types of families, all over Ireland, including Cork. The banks have admitted that people have lost their homes as a result of the decisions they have made on this specific issue, 14 on the part of AIB, 15 in the case of Ulster Banks, and PTSB with 22.”

“Behind each of those numbers is a family who likely broke their hearts to try to hold on to their homes.  The fact that families have faced repossessions, with countless others losing their homes as a result of these practices, having decided on a voluntary sale after significant stress, and hardship, when they might have been able to sustain the mortgages in other circumstances, is yet again more evidence that light touch regulation has not worked.”

“The banks, it appears, may have deliberately failed to give customers a lower rate than they were entitled to it, and if so this is a crime.”

“People are tired of seeing those involved in white collar crime, whether in banks or other forms of finance, get away with it, and it is still one of the festering sores of the economic crisis, something that on every door in the country frustrates people beyond fury.”

“We need to ensure that this doesn’t happen again, by way of legislation, by way of resources, and by way of a change in culture and attitude.”

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