Banks destroyed lives as Bank of Ireland is slapped with €100 million fine - Pearse Doherty TD
Sinn Féin spokesperson on Finance Pearse Doherty TD has described the €100 million Central Bank fine against Bank of Ireland as a shocking indictment of a banking culture that harmed customers without any threat of individual accountability.
Speaking this afternoon, Teachta Doherty said:
“Yesterday, the Central Bank fined Bank of Ireland more than €100 million for harm meted out by the banks to their customers, from overcharging to the loss of 25 family homes as a result of its actions.
“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 16,000 borrowers, leading to the loss of 25 family homes.
“The Central Bank described how the bank prioritised its own interest with little regard for the devastating impact their actions had on their customers.
"This harm was inflicted even during the Tracker Mortgage Examination, with its failure to comply with 'Stop the Harm Principles' leading to the loss of seven family homes.
“To date, Bank of Ireland has been forced to pay out €186 million in compensation.
“No corporate fine or compensation can ever reflect the damage that has been caused to families and borrowers as a result of the bank’s actions.
“To date not one banker has been held to account for this scandal.
“In January 2017, Sinn Féin passed a motion in the Dáil calling for individual accountability for bankers.
“In 2018, the Central Bank called for a similar individual accountability regime.
“More than five years later and the government is still to pass legislation that would hold senior executives to account more than four years after the Central Bank called for it.
“Corporate fines are no substitute for individual accountability, and until borrowers and bankers know that bad behaviour will lead to real accountability, banking culture will not change.”