Who will take responsibility for Tracker Mortgage Scandal?

16 July 2019

Labour Finance spokesperson Joan Burton responding to the final examination report from the Central Bank on the tracker mortgage scandal said we still don’t know who will be held responsible for the decisions that caused this, and called for an independent investigation now to tell us how it happened.

Deputy Burton said:

“The examination action by the Central Bank is now completed, but we need to know who will take responsibility. After long investigations the facts on those affected have been laid bare. There were over 40,000 customers affected, nearly €700 million paid in compensation and redress, and most distressingly, 99 families lost their homes due to the failures of Irish banks

”However not one person in an Irish bank has been held responsible for this scandal. Despite the same behaviour being uncovered across the banking sector here, it would appear as though this all happened by accident.

“The Central Bank in their latest report do say that they are undertaking enforcement investigations as to how and why this happened but we have had no further details made available to us on this.

”In December 2017 I called for an independent investigation to find out who was responsible and how such similar behaviour was replicated across so many banks. This scandal has caused real damage to the lives of customers especially those who lost their homes, and the thousands who sacrificed other spending to meet more expensive mortgage payments.

“Why was it so widespread, who authorised it and how did it happen. Enforcement action alone is not good enough.

“These are the same banks that are calling for the €500,000 pay and bonus cap to be lifted but it is clear that the Irish people have sadly once again learned that our banks cannot be trusted.”

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