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Banks’ crocodile tears shown up as thousands more tracker victims identified – Pearse Doherty TD

20 December, 2017 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson, Pearse Doherty TD, has said thousands of victims of the Tracker Mortgage scandal are facing a bleak Christmas, as a result of the ongoing arrogance of banks who have cried crocodile tears in public, while working behind the scenes to prevent these cases being accepted as legitimate.

Speaking today in response to the report from the Central Bank, Teachta Doherty said the fact that many victims will have to wait long into next year and possibly beyond for justice is completely 'unacceptable'.

He added that Sinn Féin’s Bill allowing Class Action suits (multi-party actions) must now be prioritised.

Deputy Doherty said:

“While today’s figures show some progress the reality is that only today have the banks admitted to thousands more cases bringing the total to over 33,000. To be still recognising new cases in December 2017, two years after the examination began, raise serious questions.

“Put bluntly the banks have been dragged to this point by pressure from their victims and their representatives. Their actions have not matched their words. They have cried crocodile tears in public while working behind the scenes to prevent these cases being accepted as legitimate. 

“Thousands of families are today or recently only starting the process of getting back their money, and a number of them will have lost their home only to be told now they never should have. This stain on Irish banking is not going away any time soon. 

“I see no indication that Ulster Bank will accelerate their redress and compensation scheme. That amounts to a slap in the face to their victims. They have been lagging behind and need to speed up their schemes. 

“I have in recent times raised broader issues that may still come to be included such as the Bank of Ireland’s policy of adding 1% to all tracker mortgages on buy to lets in arrears that went on for years. 

“Today’s announcement also reinforces the need for Class Action suits to be an option for victims of this scandal and others. 

"My Bill, written with my colleague Donnchadh Ó Laoghaire TD, must quickly progress into law to allow groups of victims club together rather than to be picked off one by one by the banks.”

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