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Adams calls for legislation on tracker mortgages

18 October, 2017 - by Gerry Adams

Sinn Féin President and Louth TD Gerry Adams today called on the government to introduce legislation to give power to the Central Bank to force Banks to deal with the scandal of tracker mortgages.

The Sinn Féin leader raised the issue after Taoiseach Leo Varadkar’s today said that the government has lost patience with the Banks over the tracker mortgage scandal.

Gerry Adams said:

“Over two years ago, the Central Bank began to investigate the scandal of some mortgage holders who had been prevented from paying a tracker mortgage linked to European Central Bank rates and were forced to pay higher charges.

“The Central Bank has revealed that just one in four customers, that we are aware of, who faced these higher mortgage charges has received compensation.

“As a result of the decision of the banks, we know that at least 23 families lost their homes; 79 other people lost properties that were buy-to-let properties and, according to the banks, this figure will rise.

“The banks have acknowledged that it expects more than twenty thousand homeowners to be impacted by this scandal.

“The Taoiseach has described this behaviour as scandalous. He has said there is a need for a clear time line for redress and compensation.

“At the same time, the Central Bank has said that it can do little for those who have been affected by the unscrupulous actions of the Banks before 2013.

“Does the government plan to give the Central Bank additional powers to force those banks that are responsible for this scandal to face up to their responsibilities? And to deal properly with the homeowners?”

In his response, Taoiseach Varadkar said that he wasn’t ruling out giving additional new powers to the Central Bank. 

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