FINANCE: Fianna Fail questions Central Bank claim tracker rate restored for 95% of affected mortgages

6 September 2017
By Tom Collins

Banks to appear before Oireachtas Finance Committee in coming weeks

Carrigaline TD Michael McGrath

Fianna Fáil Spokesperson on Finance, Michael McGrath TD has challenged a claim made by the Central Bank that 95% of the identified mortgage accounts affected by the tracker scandal have now been put on the correct rate.

Deputy McGrath was commenting on a response he received from the Central Bank to a letter he sent seeking an update on the tracker mortgage investigation.

Deputy McGrath commented, “While it is undoubtedly the case that many mortgage holders wrongly denied a tracker mortgage rate are now on the correct rate, I would have to question the basis of the Central Bank’s claim that this has occurred in 95% of cases.

“In the past few days alone, I have been contacted by several different mortgage holders who have been advised by their bank that they are part of the ongoing examination but who continue to be told there is no news yet on their account.

“The Central Bank claims that the correct rate has been reinstated in 95% of ‘identified accounts that require rate rectification’ but this raises the obvious question about how many affected accounts have not yet been identified by the banks.

“It is certainly the case that most affected customers have not yet received any compensation or redress from their bank.

He added, “The Oireachtas Finance Committee, of which I am a member, will take the opportunity of questioning the banks on this issue when they before it in the coming weeks (September 21st – Bank of Ireland; September 26th – AIB; September 28th – Permanent TSB & KBC; 5th October – Ulster Bank.

“I would urge members of the public who have been affected by this shocking scandal to share their experience of this issue with myself and other members of the committee on a confidential basis so that we can put the right questions to the banks when they appear before us.”

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