Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I would take issue with Mr. Sibley's assertion that the Central Bank has put in place protections for borrowers. We have been questioning bankers on the tracker mortgage scandal. For four years the Central Bank sat on its hands and showed an absolutely disgraceful attitude on this issue. We now know 9,000 people had their tracker mortgages removed or did not have them reinstated when it was appropriate to do so. Even after the High Court decision in the matter, the Central Bank did nothing, which is a disgrace. Mr. Sibley may respond to my comments but I wish to move on to questions on the Bill on which this meeting is focused.

Mr. Sibley said in his opening statement, "Furthermore, with regard to the interest rates charged on existing SVR mortgage loans, they are subject to existing contracts and contract law, which only a judge could override, not a public body such as the Central Bank." Is this statement based on a legal opinion received by the Central Bank or an assessment done by the Central Bank?