Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have raised this issue with every bank that appeared before our committee, the Central Bank and the Taoiseach. This is one of the biggest financial scandals that we have witnessed in recent times. The amount of money involved is massive. In excess of €100 million, and probably in excess of €200 million, will have to be restored by the banks, and that is just to give them back the money that the banks illegally took from them. It is a massive theft. I use that word for a reason. When we speak of redress schemes, we legitimise the fact that the banks say that it was a systems error or a problem with communication. That is not the case. Every single major bank in the State was doing the same thing. They took money they should not have taken from their customers.

Not only did they do that but they took the houses from a number of individuals. We estimate that more than 100 individuals have lost their family homes as a result of the actions of the banks. Others were bankrupted as a result of the process. What has happened is unbelievable, yet for many years the Central Bank did not pick up on it. Banks that we own fought their customers when they tried to raise this issue in the public domain. When they took it to the Financial Services Ombudsman, Permanent TSB, which the State owns, fought them in the High Court. When the High Court said that it agreed with the Financial Services Ombudsman and the customer, the bank said it would appeal to the Supreme Court.

The Central Bank needs to do its job. It needs to keep a proper eye on banks such as these which have swindled their own customers. It also needs to ensure that individuals are held to account. However, what has the Minister, who is the major shareholder in the banks, done? Has he asked the board of AIB why AIB took from 2,600 customers money that was not its money in the first place? Has he asked why it took the homes of some of our citizens when it should not have done so? Has he asked if there is any internal investigation being carried out to see if there are culpable individuals relating to this matter?

These are not private firms in the IFSC. Some of them are banks that we own. However, until we have individual accountability instead of a fine that is issued by the Central Bank, this practice will continue.

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