Rose Conway Walsh (Sinn Fein) | Oireachtas source

I thank the Minister of State for being here. As a member of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, I found it very frustrating to try to get positive results for those customers affected by the tracker mortgage scandals. The growth in the number of those affected was particularly annoying. Those banks claim that it took them time to identify all those who were removed or denied and not informed of their entitlement to a tracker mortgage. I know the matter of people's entitlement to a tracker mortgage would be of interest with regard the case that was recently brought against Permanent TSB by O'Dwyer Solicitors in Ballymun. That case was settled for a substantially larger amount than was originally offered. The basis of it was that people were wrongly not allowed to avail of a tracker mortgage.

Many people are in that situation and perhaps the Minister of State can clarify the position for us. If a bank was offering a tracker mortgage or had one on its books over a period and somebody went to it for a mortgage but was not offered the tracker mortgage option, does that person have a case to bring under the Central Bank review? That is hugely important. If that is the position, which is how I would read this case against Permanent TSB, then the numbers will increase substantially.

We have been contacted by many customers who are blue in the face from contacting their banks to ask to be included in the redress scheme and the banks are still doing the bare minimum and not listening to their own customers. Will the Minister of State clarify what a client can expect if a bank refuses to put a client's file under review or to get his or her file in the first instance? Where would that person go and how can we help him or her? I highlight the work of my colleagues, Deputies Donnchadh Ó Laoghaire and Pearse Doherty, who recently presented the multi-party actions Bill to the Dáil. That Bill would allow class actions to be taken by people such as those who have suffered in the tracker mortgage scandal. This class action move is hugely important. Many people are financially constrained because of the tracker mortgage issue and other issues who cannot afford to take action themselves, so the class action provision is needed. Has the Government made any moves to ensure that individual responsibility is taken for what was done? Has the Minister stated clearly to the heads of the banks that action will be taken against individuals found to be responsible? I note what the Minister of State said in regard to enforcement. Credit is due to the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach for pushing for action in that regard. I am travelling to Iceland next week, where I hope to discuss the circumstances whereby dozens of bankers in that country were sent to prison for their wrongdoing within the banking system. Unfortunately, we all know Ireland does not do prosecution of white-collar crime. People can only wait to see whether enforcement will finally happen in this instance.

There is much the Government could have done already in order to encourage action by the banks. The Minister could, for example, have objected to the reappointment of the CEO of Bank of Ireland, in which the Government is a majority shareholder. He could have sacked the boards of Permanent TSB and Allied Irish Banks. I do sometimes empathise with the Government in all this, especially when Fianna Fáil makes lots of allegations and suggestions.