Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I respect the independence of the Central Bank but fines are not the answer. Springboard Mortgages has come through this process with only a fine of over €4 million. If the outcome in respect of the other banks that are some way through this process is fines, they will be passed on to customers and this will happen again because there will have been no accountability. Springboard Mortgages has concluded the process and there has been no accountability whatsoever in terms of how this happened and who was responsible. If that is a taste of what is to come, we are going nowhere.

What people want to know is when this nightmare will be over. We know that in respect of up to 10,000 customers, the banks are still sitting on their money. They have not repaid them or given them compensation. Did the Minister get a commitment from the banks as to when all of the customers who have been identified, not to mention the many others who we suspect are also involved, will actually get their money back? That is the first step. I do not think it is too much to expect banks to give people back their own money.

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