Oireachtas Joint and Select Committees

Thursday, 10 May 2018

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

Banking Sector: Quarterly Engagement with the Central Bank of Ireland

9:30 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome Professor Lane's opening statement, which was very good and focused on way more than the tracker mortgage scandal. It is quite frustrating that we are still talking about this issue and we have to because it is not yet resolved. Professor Lane identified many other issues in his report that, hopefully, we will come to. He has identified that the cost of the tracker mortgage examination has been €969 million, which involves money costs but this has had a huge human cost also, and that it is fast approaching €1 billion. Obviously, we expect it to exceed €1 billion by the time enforcement proceedings are concluded and other individuals are identified. He also talked about looking at possible angles, including potential individual culpability. At the beginning of this session, we talked about accountability in terms of health. I demand accountability relating to financial scandals that have cost €1 billion, some €626 million of which was mostly wrongly taken from customers' accounts. With the information the Central Bank has at its disposal at this point in time, is there any chance of there being individual accountability?

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