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Government's failure to introduce legislation to hold senior bankers to account "a disgrace" - Pearse Doherty TD

23 June, 2022 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has criticised the Government for failing to introduce legislation to hold senior bankers to account which was requested by Central Bank four years ago.

Teachta Doherty was reacting to the €96m fine slapped on AIB and EBS by the Central Bank for 93 separate regulatory breaches, which damaged more than 12,000 tracker mortgage customers and resulted in 21 families losing their homes.

Speaking this afternoon, Teachta Doherty said:  

“Yesterday, the Central Bank fined AIB and EBS more than €96 million for harm meted out by the banks to their customers, from overcharging and breaching contracts to the repossession of family homes.

“This involved taking mortgage customers off their tracker rates, failing to comply with the Central Bank’s Tracker Mortgage Examination, among other serious breaches.

“This affected over 12,000 borrowers, leading to the loss of 137 properties and 21 family homes.

“The Central Bank described a litany of failures and a culture that destroyed lives.

"This harm was meted out even during the Tracker Mortgage Examination, with its failure to comply with 'Stop the Harm Principles'. 

“For these banks, it was a clear policy to continue the harm.

“AIB and EBS have been forced to pay out €230 million in compensation.

“The reality is that these fines and compensation will be passed onto customers and easily absorbed by the growing profits.

“Not one banker has been held to account for this scandal to date.

“Four years ago, the Central Bank called for legislation that would hold senior bankers to account where customers are harmed in this way.

“Four years later, and Government has still not even published the legislation to introduce this regime.

“That too is a disgrace.

“Four years later, there can be no more delay in this legislation coming into effect.

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