Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister mentioned that there are deadlines for each of the individual banks. None of that is public. If it is, perhaps the Minister will direct me to it. None of the customers knows that because they are ringing up to ask when they will be told what the redress scheme is, how they will be affected and when they will be back on the proper rates or proper payments. None of that is there so there has to be more forthright engagement from the Central Bank and the lenders with the customers. The reason we are questioning this here is because customers are being left short changed.

There is another question here and we really need to deal with it. I know it is sensitive, but we need to ask how the Central Bank missed this. We need to ask ourselves, as a country, is it expected that the Central Bank would have enough resources, enough power and enough personnel to make sure that this issue would not arise? The assumption out there is that there is a consumer protection role. The Central Bank investigated this in 2011. It found one bank which had to restore more than 2,000 individual to tracker rates, yet five or six years later we have another 13,000 individuals. There are genuine questions we need to ask about the Central Bank, not just about its role in overseeing what is an internal bank-led review, which is wrong in itself.

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