Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

The Minister will know that, as we speak, the finance committee is hearing from the Central Bank on the issues relating to tracker mortgages. Everybody will agree that the way the banks have treated those on tracker mortgages is abominable, to say the least. Despite the Taoiseach's sudden interest in this issue, it did not just happen today or yesterday but has happened for many, many years. The last-minute attempts by the Government to threaten banks to fix it or face a levy will allow the banks and the Central Bank to get away with it without anybody being held accountable. This scandal has happened on a continuous basis over many years. Even after it was exposed and the banks were told to recompense customers, they slithered and slid away from what they were supposed to do legally, financially and morally.

Since 2015 the Central Bank has conducted an industry-wide examination of tracker mortgage-related issues, including where banks wrongly denied customers their contractual right to return to a tracker rate of interest following a period on a fixed rate. In February this year, eight months ago, the Central Bank confirmed that the total number of affected customers covered by this probe stood at a minimum of 13,000. Some of them told their tale before the committee last week. I do not know if the Minister has had a chance to hear it but it would stop him in his tracks to listen to the impact this has had on people's health, on that of their families, on their household incomes and on their ability to live their lives.

Banks have caused enough stress in this country. They brought the country to its knees and, given that experience, they should have woken up to their corporate responsibilities, their social responsibilities and their moral responsibilities. Alas it seems, from the manner in which they are handling this issue, they have not. One customer was being overcharged on their mortgage for over four years. In May 2016 they were put on the correct rate by the bank but, 17 months on, the customer is still to be repaid the €20,000 that was overcharged and the bank has yet to make an offer of redress or compensation.

Given the severity of this and the impact it has had on families and homes, why is the Central Bank being so soft and so relaxed on banks, particularly the State-owned banks? Why have the banks not been given an absolute deadline by which overcharged customers are to be repaid and compensated? Can the Minister confirm whether the Government has any legislative plans for increased levies on banks as a result of this issue? I am sure every party in this House will support an increased levy. If there are any such plans, when will the legislation be introduced?

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