Séamus Healy (Tipperary, Workers and Unemployed Action Group) | Oireachtas source

Tracker mortgage fraud by the banks is a huge scandal which requires criminal investigation. These are the same banks that we, the public, bailed out to the tune of billions of euro. Some 17,000 mortgages have been found to be affected thus far and there are more than 2 million accounts being queried and examined. This has the potential to be a €500 million scandal. Mortgage holders have been over-charged to the tune of €20,000 to €30,000. All 15 lenders are involved, including Allied Irish Bank and Permanent TSB which we, the State, own. Two of the 15 lenders have confirmed that 15 families have lost their homes and a further 14 are facing repossessions. As we have details from only two banks, this is likely to be only the tip of the iceberg. Most, if not all, of the houses repossessed have been repossessed by the original lenders, the banks which did the damage originally.

According to a statement made by the Governor of the Central Bank, Mr. Lane, there is a systemic and widespread aspect to the tracker scandal. He has said, "Underneath it all ... this is a cultural issue which is interpreting contracts in favour of the lender and not in favour of the customer". He has further stated that he could not rule out the hypothesis of collusion between some lenders. In view of those statements and this scandal will the Taoiseach ensure that free, professional legal and financial advice is made available to the mortgage holders affected? Will he give an assurance that the banks will be instructed to stop insisting that hard pressed families sign away their legal rights in order to access any degree of compensation and that any such signature already provided by defrauded borrowers will be rendered null and avoid? Will he also, through the Minister for Justice and Equality, ask the Garda fraud squad to call in the chief executives of the banks concerned for questioning with a view to prosecution for fraud?

See this speech in context