Kieran O'Donnell (Fine Gael) | Oireachtas source

I am asking Professor Lane what powers the Central Bank needs to ensure it will happen. It looks to me as though it is dealing with it as if it was the banks' problem, which it is, but it is also a problem with regulation. The Central Bank regulates the banks. Do the delegates realise the impact this issue has had on people's lives? If a person has a mortgage of €200,000, he or she could be paying an extra €4,000 a year based on the tracker versus the variable rate. He or she could end up paying an extra €100,000 over the term of the loan, or nearly half of the initial principal amount. It is having a real impact on people's lives in terms of the education of their children and in their personal lives. Professor Lane is saying the banks will address the issue of redress, but that is not good enough. I do not believe they will do it on a voluntary basis. One has to have the necessary powers. I am, therefore, asking Professor Lane what powers he needs. He has said the Central Bank has no powers of compulsion when it comes to the payment of compensation. If powers were to be provided for the Central Bank, would Professor Lane be able to use them? There were changes to the remit of the Financial Services Ombudsman to deal with cases over an extended period. If Professor Lane was given those powers, would he use them?