Joan Burton (Dublin West, Labour) | Oireachtas source

We have, on one side, a powerful institution, namely, a bank, and, on the other, an individual mortgage holder, usually a family. The Minister has confirmed that unless the mortgage holders are well advised and informed, the interest rate on their mortgages may not be returned to an appropriate rate which gives them the redress to which they are, as the Minister stated, legally entitled. The scheme established by the Central Bank and the Minister's comments leave a significant number of people on the hazard as to whether they receive fair redress from the banks in question. While practices differ from bank to bank, it is essentially up to the individual bank to decide what is fair compensation. Unless the affected customers have read up sufficiently or have expert advice available to them, they will be left in a position of having to take what the bank has to offer.

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