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Bank of Ireland tracker move shows the contempt banks have for victims - Pearse Doherty TD

9 November, 2017 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has welcomed Bank of Ireland’s announcement of an extra 6,000 tracker cases to be included in the compensation and redress scheme. He said it was proof of the ongoing contempt the banks have for the process and for the victims.

Teachta Doherty also stated that next week Sinn Féin will move a Bill to allow Class Action Suits in Ireland for the first time empowering victims in situations like the tracker scandal in future.

He has called on more pressure to be now applied to Ulster Bank to accelerate their redress and compensation scheme and on PTSB to apply the tracker rate as per the contract of the victims.

Deputy Doherty said:

“I am glad to see Bank of Ireland finally accept that 6,000 more cases are eligible for the redress and compensation.  The fact that only in September they were supposed to have published final figures shows the ongoing contempt the banks for the Central Bank’s process and for the victims.

"That figure in September was only a total of 4,300. So today we suddenly find out that number has increased by almost 150%.

"Next week my colleague Donnchadh Ó’Laoghaire and I will move a Bill to empower victims of this scandal and future scandals to act together in a class action suit. This is a critical response to shift the balance in favour of consumers.

"Public and political pressure must now be focused on Ulster Bank whose timetable is pitifully slow and on Permanent TSB who have returned customer to a rate well above what their contract entitles them to.

"I am convinced that the testimony of victims and the work of the Finance Committee have brought about a real momentum that was sorely lacking from government or the Central Bank.”

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