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

It remains to be seen whether the enforcement investigations that are under way in the tracker scandal will deliver answers. The people affected will want to know how it could have happened in the first place, that is, how all the main banks could have made the same mistake in a manner that was adverse to the interests of their customers and was favourable to the interests of the banks. I hope that we get a simple and straightforward answer to that question. There should be individual accountability if people are found guilty of wrong-doing. That is the bottom line. We are nearly three years into the investigation, yet there are still nearly 3,000 customers waiting to get their money back.

The Central Bank's recommendations are crucial and it is imperative that we as a House move swiftly to put them into effect. I hope that the Government will make specific legislative proposals to that end without delay so that people can have greater confidence in the financial system and in there being accountability when things go wrong.

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