Oireachtas Joint and Select Committees

Thursday, 18 January 2018

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

Tracker Mortgages: Central Bank of Ireland

9:30 am

Photo of Gerry HorkanGerry Horkan (Fianna Fail) | Oireachtas source

It is important that we acknowledge that. I was not aware that the system was as has been outlined today, and I am glad to hear that it is, but we still need to acknowledge the mental trauma and anguish, regardless of whatever monetary compensation is put in place, as it should be. We have discussed previously how people have committed suicide and lost family members and how many families have experienced breakdowns. They will never be able to be compensated for what should never have happened and what was not their fault. They were duped by the institutions they trusted to give them a financial product that they were going to repay over a period and were put under such pressure. Regardless of whatever monetary compensation is paid and should be paid - I note much of it is their own money, although I accept that compensation for increased property values is a cost to the bank - it should never have happened in the first place.

I acknowledge the process and thank the witnesses for outlining it but I still wonder if the Central Bank has figures which show the ranges of payments. There are 33,000 clients, of which some 13,000 are unresolved cases and payment has not been made, and then there are around 20,000, including the first 7,100 to whom payments have been made. Does the Central Bank have figures showing, for instance, that so many people were paid below €10,000, €20,000, €30,000 and all the way up? What is the top payment made to anyone as a result of this scandal? Do we know that figure?

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