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

This scandal is growing arms and legs. The 13,000 has now become 19,000 when one includes the extra 6,000 from Bank of Ireland. Prior to that examination another 7,100 cases were uncovered. Between those alone, the total is now of the order of 26,000 mortgage accounts affected. Some banks have provided ranges of potential affected customers. The Minister has acknowledged that the number will grow.

The issue I wish to hone in on is that of compensation, because it seems to me that there is no consistency across the various institutions. For AIB, it ranges between 15% and 30%. For Bank of Ireland, it seems to be a flat 10% in compensation and redress. For Ulster Bank, it is 12% for non-arrears and 13.5% to 20% for those in arrears. Permanent TSB seems to be in the region of 10%. My view is that the question of compensation should be entirely removed from the banks, and if that cannot be done on a mandatory basis then it should be done on a voluntary basis. There is no consistency. In instances where the harm is broadly the same, the compensation should be broadly the same, but it is not. It can vary by two to three times. That is simply not good enough. That is an issue I would like the Minister to address.

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