Bobby Aylward (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I, too, add my voice of compliment to Deputy Michael McGrath on tabling the motion and to Deputy McGuinness, Chairman of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach. Last week, the committee heard from a number of people who were wrongly refused mortgage tracker rates by their banks. We heard testimony from people who suffered strokes, nervous breakdown and severe mental anguish over a period of nearly ten years as a result of what can only be described as gross financial criminality on a national scale. People's lives have been permanently damaged in the wake of a scandal which has persisted over many years. Meanwhile, the banks involved have done everything in their power to avoid honouring legal, financial and moral responsibilities. The time for meaningless updates and hollow apologies is long gone. The Government must apply the political pressure needed to ensure that the Central Bank ramps up its efforts at every turn and pursues its venom the 11 institutions which acted in precisely the same manner in relation to this scandal.

The motion calls on the banks to identify all customers affected by the scandal, instantly restore all affected customers to their tracker rates and to pay redress and compensation to all victims without further delay. It calls on the banks to provide adequate housing for those who have lost homes as a result of this scandal. Further, the motion calls on the Government to threaten a vote against the board of directors in each of the banks in which the State has a shareholding. On Tuesday, the Central Bank published its second update in 2017. The number of customers affected now stands at 13,000. Those figures are set to increase, however, and are expected to rise to 20,000. Some experts have speculated that the number could eventually rise to 30,000.

The effects on mortgage holders living in this situation is incalculable and in many cases no amount of compensation will be enough to allow them to come to terms with the pain and suffering caused. Many have lost their homes and some have lost their lives. The additional stress and suffering caused by the banks' refusal to take responsibility is shocking. If we cannot ensure that these banks provide appropriate redress and compensation and ensure justice for the people who have suffered so badly due to this needless scandal, we must ask serious questions of ourselves as public representatives. Bankers and white collar criminals who did wrong doing need to be brought to task and justice must be done.

See this speech in context