Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We have limited time and there is much I would like to go through but I am stuck on this question. I am absolutely shocked that the Central Bank has come here, acknowledged its view that certain people are being overcharged or denied tracker mortgages, this is happening in real time and being disputed by banks and the Central Bank is telling us that if the dispute is not resolved, the Central Bank has the power to direct the bank to supply the names of the customers. The Central Bank will write to customers and tell them to go to the Financial Services Ombudsman. That is in itself a lengthy process and the decision of the ombudsman would most likely be appealed by the financial institutions, and this can happen all the way up to the Supreme Court. It is a very drawn-out process.

Under the 2013 Act, the Central Bank has the powers for redress where overcharging is currently happening. The Central Bank is of the view that overcharging is currently happening. I have not heard from the Central Bank that it is willing to use the 2013 powers. Instead, it is basically saying that these people should go to another agency of the State. I put it to the witnesses that this is letting down the customers of the institutions and it is a dereliction of its duties relating to consumer protection.