Paddy Burke (Fine Gael) | Oireachtas source

I welcome the Governor and his staff. I compliment the Central Bank of Ireland on its work on this issue in recent months. I also compliment the committee and the Chairman because both have played a hugely important role in keeping this issue to the fore. The way ordinary members of the public have been treated by the banks during the years is disgraceful.

I wish to continue on the topic of prevailing tracker mortgage rates. The delegates have provided answers on most of the issues. Are we to understand people may have been paid €1,000, €1,500 or €2,000, as well as some legal costs, but having received that sum they can still appeal? There are significant differences in various tracker mortgage rates. I have received a letter from a man who was being charged an interest rate of 5.1% when the European Central Bank, ECB, rate was 0.2%. At another point, when the ECB rate was at 0%, the tracker mortgage interest rate was 3.67%. Is there a preferred rate the Central Bank believes should be charged? Does it believe there is an ideal rate for the banks to charge? However, a person can make an appeal, regardless of whether he or she has received compensation.