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Doherty welcomes Central Bank engagement with Garda in tracker scandal

4 April, 2017 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has welcomed confirmation from the Central Bank that it has engaged with An Garda Síochána in relation to the tracker mortgage scandal. He also commented that it will be news to the thousands of victims that the banks have appointed “consumer’s voices” on their committees dealing with the scandal. 

Deputy Doherty said: 

“I welcome the fact that the Central Bank is at least talking to the Gardaí about the tracker scandal. This is something I have long called for. Indeed, a Dáil motion I tabled specifically called for Garda involvement in this issue. I hope the engagement is a genuine and thorough exchange of information and not just a box ticking exercise in the face of so much public anger. 

“Today’s exchange was enlightening in other ways too. I raised the fact that the lenders were supposed to appoint ‘consumers’ voices’ to their teams working on the tracker issue. I imagine this will be news to the thousands of victims dealing with the banks. I am concerned that the Central Bank had to question some of these appointments. I am seeking further clarity on who these people are and what exactly they have been doling. 

“Taken together with the fact that the bank seems timid in its engagement with AIB around what that bank has decided is a ‘prevailing rate’, I am still fearful that it is the lenders, not the central Bank, who are really in control of this examination. The fact that the Consumer Protection head in the Central Bank has now also been appointed as Deputy Governor in charge of Financial Regulation is indicative of a lack of focus on this issue.” 

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