Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I understand there is an appeal mechanism. I am asking the Central Bank to be hands on. The Central Bank is the only organ of the State that will have access to the prevailing tracker rates at that time. No one else will. People who are representing customers, such as Padraic Kissane and the Irish Mortgage Holders Organisation, do not have the information that is available to the Central Bank. Customers are in the dark. The Central Bank is supposed to be the body to protect them. I am calling on the Governor to take a hands-on approach.

I imagine it is not the first time the Governor has heard of this issue. There are numerous examples and appeals all around a similar issue. A total of 80 live cases are before the Financial Services Ombudsman. These have resulted in 15,000 people being deemed to have been on the wrong tracker mortgage. A similar number of people argue that they have been restored to the wrong tracker rate. It is important that the Central Bank does not wait for it. Rather, it should step in, go to the banks and demand to know what the banks are doing. The Central Bank has the information. No one else does.