Kieran O'Donnell (Fine Gael) | Oireachtas source

With due respect to Professor Lane, I have limited time and want to get to the heart of the issue which has been ongoing for two years. I really want to find out the answer to this question. What powers does the Central Bank need to ensure it can get the redress and compensation scheme under way for all of the banks by the end of the year? Ms Rowland has said the Central Bank has no compensation powers. Why is that the case? What powers does it need? This is the problem. It appears from what we are hearing that in cases prior to 2013, when the bulk of the wrong tracker interest rates were imposed, the Central Bank can do absolutely nothing. Effectively, from what I can see, it has no legal powers to put a redress and compensation programme in place. What needs to be put in place by way of legislation to give the Central Bank the power to seek redress and compensation for those who were affected prior to 2013 and to ensure it can dictate to the banks that under a certain measure customers who have been impacted on should be dealt with? Ms Rowland has said the Central Bank requires the banks to write to individuals to state they believe they have not been impacted on and that they will have to go to the Financial Services Ombudsman. It appears that in the case of the banks and the Central Bank, the tail is wagging the dog. The Central Bank has not included in its update that under existing legislation it did not have the power to do anything in cases prior to 2013. What powers does it need from the Oireachtas to enable it to solve this problem? I acknowledge that 13,000 cases have been identified in the investigation, but there are many more homeowners who need to be identified also. Not only must they be identified, they must also receive compensation in a timely fashion. They have put their lives on hold for up to eight or nine years.