Oireachtas Joint and Select Committees

Tuesday, 16 January 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: Discussion

2:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I would agree with that but I would also highlight the courage of those affected, the customers, in speaking out both here and in the media generally, some of whom the Minister has met. They are largely responsible for the dramatic change in emphasis in the attention that was being given to this issue. Their human stories probably spoke louder than any words any politician, banker or central banker could come up with. However, even according to the last update from the Central Bank in December, there are still 13,700 - presumably the number has not changed dramatically - identified affected customers who await redress and compensation. Redress is them being paid the money they were overcharged, that they should never have been overcharged, and then there is the compensation, which can vary by 10%, 20% or perhaps 30%. Many of them will want to know from the Minister, who is the person with ultimate responsibility, when every customer affected by the tracker mortgage scandal will get their money back and be appropriately compensated.

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