Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Figures requested from the retail banks and sent to the Oireachtas finance committee showed that Bank of Ireland, AIB, KBC, Permanent TSB and Ulster Bank sold 2,315 tracker mortgage accounts which they had overcharged to vulture funds, and nearly 400 of these were sold before they were identified or remediated, either through the tracker mortgage examination or on foot of an FSPO decision. The Central Bank has subsequently informed me that 6,000 tracker mortgage accounts impacted by the tracker mortgage examination were sold on by retail banks. We know these mortgage holders were ripped off by the banks and then had their loans sold to vultures, and it was a real kick in the teeth for them. We all know today, given the interest rate environment, that if someone’s loan is with a vulture, because they cannot fix and cannot switch in many cases, they are at a disadvantage. However, the principle of the tracker mortgage examination was that there should be restoration and that there should be no further harm. At least 400 people who were still being overcharged had their loans sold to vultures. It should never have happened in the first place and now, because it has happened, they are in a worse position with fewer options. There needs to be a look-back on all of these cases and where they need to be restored, they should be restored to the original lender.

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