Oireachtas Joint and Select Committees

Tuesday, 20 December 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector in Ireland: Central Bank of Ireland

11:00 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Is the Central Bank going to ensure that the 2,100 individuals will be part of a redress scheme? Will the 3,916 customers who had money taken off them by a financial institution - Bank of Ireland - that should not have taken this money off them have a redress scheme as well? The problem is that the banks, deliberately or otherwise, are basically stealing from their customers. They are taking money from them by putting them on the wrong rates or by charging them too much. When the banks find out about this through their own efforts or as a result of the intervention of the Central Bank or the Financial Services Ombudsman, they basically say they will stop what they are doing, put everything right and give the customers the money back. There has to be more to it than that. There must be a penalty as a result of what was done to the customer. Will there be a redress scheme to compensate the 3,916 customers who were overcharged? Will the Central Bank insist that Bank of Ireland should have a compensation scheme for the 2,100 customers who were wrongly denied tracker mortgages at that time?

Comments

No comments

Log in or join to post a public comment.