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

The amount of compensation an affected person gets is as if it were determined in a game of roulette. There is no consistency across the various institutions. I am asking the Minister whether he agrees the power to decide on the level of compensation should be removed entirely from the banks. Currently, there are appeals panels but they are under the umbrella of the institutions concerned. There is absolutely no consistency. I have given the Minister the figures. The rate ranges from a low of 10% or so up to a high of approximately 30%; it depends on which institution one is with. That is simply not on. Where the harm is the same, the compensation should be broadly the same.

On the allowance for professional advice, AIB is paying €615 while Bank of Ireland is paying €250. This is not on. Even now, people are not being treated in a consistent fashion by the banks. I ask the Minister to consider this. The Central Bank does not have statutory powers but I firmly believe that the issue of compensation will become the story eventually when the institution gets to the bottom of who has to be included and ensures they receive the correct rate and redress. The compensation issue is coming down the tracks very quickly. The current structure is just not good enough.

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