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€500m theft from Irish families and nobody held accountable while Central Bank won’t flex muscles – Doherty

19 October, 2017 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the Central Bank are letting down the Irish people and that they must flex their powers. He described the tracker scandal as the greatest swindle in Irish history but one for which nobody has been jailed.

Deputy Doherty said:

“Today’s Finance Committee meeting with the Central Bank was a huge disappointment. The Bank told us they won’t use the powers they have to defend consumers here and now and instead suggesting directing people to the Financial Services Ombudsman and Courts, a throwback to the bad old days of relying on ‘moral suasion’. The victims of this scandal are still suffering but the softly, softly approach from the Central Bank is letting the banks off.

“I was shocked at the attitude of the Central Bank. They are treating the banks who have stolen €500m from Irish families with kid gloves. They need to toughen up.

“The Central Bank needs to let politicians know if they need more powers; I am sure political consensus can be found if they do.

“This theft is huge in scale and has cost lives and the health of many people but there is not even a sniff of anybody facing Court and a jury of their peers.  This episode is a deep stain on Irish society and those responsible must be held accountable- no ifs, no buts.” 

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