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Doherty welcomes progress on Trackers but process is ‘still painfully slow for many victims’

17 October, 2017 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the progress reported in the Central Bank’s latest report on the tracker mortgage examination but says progress is still painfully for slow for many victims.

Deputy Doherty said:

“I welcome the publication of this report and the interventions by the Central Bank mapped out in it.

“There is worrying evidence of minimalist approach by the banks with the Central Bank having to go back to two lenders telling them not to leave out whole groups of customers that should be included. Likewise, the Central Bank has intervened to tell lenders that their compensation scheme is inadequate.

“Only three lenders have established their appeals process yet. These facts point to a minimalist approach by the banks despite their crocodile tears in front of the Finance Committee.

“While the report shows some progress, the overall picture for many victims is painfully slow.  It is now more or less two years since this examination began and there are still families waiting to hear when they will receive their compensation. That is simply not acceptable.

“The fact that the Central Bank’s Phase 2 deadline was, for all intents and purposes, ignored by some lenders is proof that they still don’t get the hurt they have caused and carry on causing every day. The report suggests the Central Bank has simply accepted this missed deadlines and accommodated the banks by letting them submit addendums.

“Phase 2 was supposed be drawing line under the scandal and moving swiftly to compensation. Sadly for many families that is far from the case.

“I look forward to learning more from Governor Lane this Thursday about what more the Central Bank will do to get justice and fair compensation for the banks’ thousands of victims.” 

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