Mr. Shane Kavanagh:

I have a question for the committee. To explain my rationale for asking this question, up to now, the normal sequence of events has been that the committee will engage with the main stakeholders and they will respond by saying the usual thing that it is a legal matter, it is a commercial mater, etc. We are then back to square one. In my view, this is an attempt by the Central Bank of Ireland to avoid responsibility by telling us to take the matter to court and to pay huge legal fees. As members are aware, the Central Bank of Ireland sympathises with us. However, the courts will not believe regulated commercial banks are acting illegally if the Central Bank of Ireland refuses to take action. In 2020, a court made it clear that if bankers confessed to an Oireachtas committee that they have hidden losses, this will not be acceptable evidence. Neither will it accept legal opinions as evidence. We need the Central Bank of Ireland to publicly express its disapproval of how banks conceal their financial position and, as a result, empower borrowers and EBS agents.

Why is it that private individuals, who are impoverished by the banking system, must fund legal costs and take legal action to do something that the Central Bank of Ireland is required, authorised, and empowered to do? This committee has a duty to reprimand the Central Bank of Ireland and ask it once again to comment on the Financial Timesstory, which suggested that the Central Bank of Ireland is conflicted. Once we have confirmation that the regulated banks are not following the regulations, we can then set about undoing the great damage that the banking system has inflicted on our society.

It surprises me that those people who are paying high rents and who can afford a mortgage are denied one. Irish banks are not trusted overseas because they continue to conceal their true financial position. The result is that mortgages are scarce and, when they are available, they are expensive. Those trapped in the high rental market should blame the Central Bank of Ireland. While I applaud this committee's work, it is now time to say that it is the Central Bank of Ireland's inaction that is causing the hardship here.