Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein) | Oireachtas source

Táim sásta an deis a fháil labhairt ar an ábhar tábhachtach seo agus molaim go mór mo chomhghleacaí, Pearse Doherty, as ucht an rún seo a chuir chun cinn.

The human impact of this mortgage scandal cannot be underestimated. The despicable deliberate actions of our banks have caused misery for approximately 15,000 mortgage holders and their families throughout the country. The crux of the scandal boils down to the fact that thousands of fixed-rate mortgage holders were deliberately kept in the dark by their banks in respect of their entitlement to move or move back to the cheaper tracker mortgage rate. This was all to the serious detriment of those who believed there was no escape from their prohibitively expensive fixed-rate mortgage and, of course, it worked to the advantage of the banks. The implications of this were significant, with thousands of families struggling to pay the higher rate and many dozens of families losing their homes due to the excessive mortgage loan repayment costs they faced.

Since the Financial Services Ombudsman investigated this matter and found in favour of the customers, bank after bank have admitted that they had not given trackers or the option of a tracker to hundreds and thousands of customers. Hearing banks claim that it was little more than a mistake would be comical were it not so serious. The evidence that exists proves that this was a calculated plan. This was a way for them to reap greater returns without a care about the human impact of their actions.

This all amounts to nothing other than theft. Those responsible must be held to account and a strict deadline must be imposed for the redress and compensation to be paid to those affected. It is not enough to now secure a return of the moneys taken illegally by the banks from these customers. Adding a paltry sum in compensation for what they have suffered does not cut it either. Greater contriteness and generosity is required on the part of the banks. The individuals who oversaw this policy, the bank employees who knowingly directed and implemented this policy in each of the bank entities involved, should face the full rigours of the law. They have not only been directly involved in theft on behalf of their employers but they have been complicit in the ruination of many lives. I speak not only of individual lives, including lives lost, but of the ruination of whole families and with a generational impact as well. Innocent and unsuspecting citizens must be protected.

The question asked by the motion is whether we want a republic that upholds and defends the interests of its citizens or one that has sold its soul to corporate interests and the banking elites.

Let us not forget those who are entrusted to oversee the policies and practices of the commercial banks and other lenders. The Central Bank of Ireland was at best dilatory in its address and investigation of this corporate criminality. The Central Bank is getting ready to move to its new shiny gold-coated premises on the quays. It strikes me looking at it when driving past that it looks like a Donald Trump outpost. The Central Bank of Ireland and its officeholders have apparently changed little from the years of its former Governor, who believed, or claimed he believed, that all was well with the Irish banking sector. I appeal to the Minister of State and to all Members of this House to accept and endorse the spirit of the motion before us. Le bhur dtoil, tugaigí bhur dtacaíocht don rún seo.

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