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

Mr. Makhlouf had a discussion with Senator Conway-Walsh on mortgages but I have repeatedly made the point at this committee and I have made the point directly to the Central Bank about the different treatment of existing customers versus new customers. Most banks have addressed that, although not all banks have. Some continue to charge existing customers higher interest rates. There is the continuation, for example, of the practice of providing cashback incentives for new customers that are not available for an existing mortgage customer. It is blatant discrimination and dual pricing. The Central Bank is investigating this in the insurance sector but it is presiding over it in the mortgage market and I do not see any action being taken to deal with that.