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More tracker mortgage court cases ‘inevitable’ – Doherty

29 May, 2019 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the out of court settlement of a so called “prevailing rate” tracker case by Permanent TSB will be followed by many more. He said the banks continue to fight every case where they think they can get away with it. He said settling out of court means other families will have to trudge through expensive court proceedings, rather than rely on precedent. He has written to the bank and to the Central Bank to make sure that similar treatment is applied to similar cases.

The Donegal TD said:

“I have raised on many occasions with the banks when they appeared before the Finance Committee that their approach on the prevailing rate issue saying that it would end up in the Courts. That is inevitable because of the banks’ arrogance and their ongoing attitude is to fight every case they think can get away with. It is sickening.

“I have written to PTSB and to the Central Bank to make sure that this similar treatment is applied to similar cases.

“There are not only the Permanent TSB cases but the AIB prevailing rates as well as the Bank of Ireland staff cases. The Central Bank needs to look at this settlement to see how it impacts other cases and to act now to save hundreds of families unnecessary expense and distress.

“The Financial Services and Pension Ombudsman must do all in his power including demanding extra resources if required to work through the complaints sitting on his desk related to trackers too. All the talk about Culture Boards and new beginnings is fine but when push comes to shove again we see a bank resisting to the last moment and then settling out of court to avoid a transparent ruling. They cannot be allowed get away with it again.” 

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