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

Unless there is genuine accountability for how this scandal happened, how it was allowed to continue and why it was not dealt with more quickly by the Central Bank, this will keep happening. The reality is that it is the customers who ultimately lose out. Many have lost their homes and many thousands of others continue to pay with each passing month hundreds of euro extra in interest that they should not be paying. That remains the case today in respect of customers that the banks know should be on a tracker rate.

Banks are saying that the tracker rate should be 3.67%. The tracker rate these people are being put back on is basically the variable rate. This is still going on and it is going on under the nose of the Central Bank, but there is no sense of urgency. I got no sense of urgency from the Central Bank when its delegates appeared before the committee in December. There are no deadlines for the banks to reinstate tracker rates to customers who were wrongly denied them. This is simply not good enough. The same people always end up losing and, unless there is accountability, it will keep on happening on our watch.

See this speech in context