Scale of tracker mortgage scandal must be addressed with independent investigation

20 December 2017

Labour Party spokesperson on Finance, Joan Burton TD, has said the revised figure of those affected by the tracker mortgage scandal shows how widespread the issue actually was, and that the scale of customers impacted shows the need for an independent investigation into how it occurred.

The Central Bank has today revealed around 33,700 mortgage holders were impacted, a jump of nearly 14,000 in the past three months.

Deputy Burton said:

“We are still only finding out just how widespread the tracker mortgage scandal actually was, with nearly 33,400 mortgage holders now known to have been affected.

“The behaviour by the banks in question has caused real damage to the lives of the affected customers, which includes families who lost their homes over the issue.

“That nearly 34,000 borrowers have been caught up in this scandal is absolutely outrageous, and there are reports that this figure may actually rise further in the New Year.

“That customers should be treated this way by the banks, especially in light of the financial support they received from the taxpayer in recent years, is shocking.

“While I am glad to hear that many of the impacted customers have been compensated by now, the Irish public must be assured that this type of thing won’t be allowed to happen again.

“That Irish banks have now paid out nearly €300 million highlights how wide-spread and deep this scandal is, with a total of €900 million set aside by five lenders to cover redress, compensation and costs.

“It is my belief that there now also needs to be an independent investigation into how this happened, and who authorised it, and why it is so wide-spread across Irish banks. Enforcement action alone is not good enough.”

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