Oireachtas Joint and Select Committees
Tuesday, 15 December 2020
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Banking Issues in Ireland: Central Bank
Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source
I will move on from that issue. I ask the Central Bank to update its final report. We know there are at least another 7,000 victims and more money has been paid out. I ask the witnesses to update the bank's report.
I wish to ask about the accountability regime. Mr. Sibley has mentioned this in his opening statement for the past three years and it is three years since the bank has called for this. We still do not have legislation on holding senior executives accountable. I refer in particular to KBC. We know the breaches in which KBC was involved saw 11 families lose their homes as a result of the tracker mortgage scandal. There was an €18.3 million fine and 3,700 victims in that bank. We know that the stop the harm principle was not adhered to, rather the approach was to inflict harm right up to the endpoint. KBC continued to inflict harm during the tracker mortgage examination. Has anybody in KBC been held accountable or queried in respect of fitness and probity standards? Has anybody in KBC been asked to resign by the Central Bank given that in the middle of the examination, it continued to repossess homes? Am I correct that a home was repossessed from somebody who should not have had their home repossessed? KBC continued to overcharge during that entire period. Has there been any individual accountability in KBC?
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