John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

The fine imposed on AIB by the regulator was a pittance in the world of banking. Of the 41,000 tracker mortgage issues there are still 1,000 or more that are unresolved. It would appear the banks are back to a culture where they circle the wagons and protect themselves. They do not want to get to the end of the tracker mortgage issue. It is not quite finished as yet. The regulator should be given teeth to deal with this and to give more information to the public on what is going on in the banking system. Consumer protection should be separated from the Central Bank so it is more independent and visibly on the side of the consumer. The committee will return to it.

The regulator was soft on the bank and soft on how the tracker mortgage issue was dealt with. I recall the previous regulator sitting at a meeting telling us the number of tracker mortgages involved was approximately 4,000. On that particular day in 2017 I adjourned the meeting and asked the regulator to go back and check his figures. He came back with a similar figure. We know now that figure was wrong because it has grown to 41,000. To say the banks behaved badly is to put it mildly. The banks have behaved badly. They have been scurrilous towards their customers. It is time to look at the regulation and the regulator. The regulator should be seen to be actively involved in responding to the various complaints made. This is what brings me to the conclusion that consumer protection should be completely independent of the Central Bank. I am expressing my own view on this.