The Central Bank has revealed that it twice met senior Gardai over the tracker mortgage scandal involving eleven banks.
The Competition and Consumer Protection Commission, which has the power to initiate cartel investigations, has also become involved.
The banks with tracker products made the same mistake at the same time, by removing customers from trackers isn’t only interesting to the Central Bank but also to the Gardai.
Derville Rowland, Director General Of Financial Conduct with The Central Bank said;
“We have regular liaison points with the Gardai and we have met them twice on this issue.”
The Central Bank itself is in the dock as a consumer watchdog, and under forensic and direct questioning from Fianna Fail’s Michael McGrath and Sinn Fein’s Pearse Doherty.
Governor Philip Lane admitted this is moving too slow for some people, Philip Lane said;
“Of the eleven banks that defrauded customers, three have behaved satisfactorily with eight dragging their heels.”
The Central bank has no powers to order compensation and cannot order redress before 2013 but Governor Lane says the investigation is showing results.This is the largest investigation ever undertaken by the Central bank with 26 dedicated staff. The CEOs of each of the banks will meet with the Minister for Finance next week.