Kieran O'Donnell (Fine Gael) | Oireachtas source

With due respect, these are sophisticated institutions with sophisticated IT systems. This is about the rates of interest they charged. In some cases, people lost their homes because of the rates imposed by the banks. As such, the question is why it is taking so long. Does the Central Bank accept that there has been a failure by it to move on the issue in time to get proper redress for people? As Professor Lane probably knows, we represent ordinary people on the ground and they are hearing about this. A lot of them have been under such sustained pressure from institutions which were, in fact, wronging them by having them pay the wrong rate. They were not allowed to go back on trackers. Does Professor Lane admit that there was a failure on the part of the Central Bank to move on the issue in time? Why is it taking so long? I would have thought that by now the Central Bank would have been able to put an end date in place for the individual institutions. I do not buy the assertion that it is complicated and that there are complicated proceedings involved. The banks were well able to move people onto variable rates when in fact they were entitled to go back to tracker. As such, does the Central Bank accept that this is a failure on its part? What is it going to do about it and what are the deadline dates for the individual institutions to give people redress?