Tracker Redress And Compensation Unacceptably Slow Says Senator


A Fine Gael Senator has deplored the snail’s pace at which lenders are redressing and compensating customers affected by the Tracker Mortgage scandal.

This follows the Central Bank yesterday publishing its latest update on its industry-wide examination of tracker mortgage-related issues showed that only 25% of those affected have to-date have received redress and compensation.

Furthermore, this only involves of the three of the as yet unidentified lenders.

Limerick Senator, Kieran O’Donnell, FG Seanad Finance Spokesperson and member of the Oireachtas Finance Committee, said “This is an outright rip-off by lenders of tracker mortgage holders and it needs to be righted immediately.

“Many of the lenders have yet to pay a cent of redress & compensation to the customers they ripped off with only three lenders to date making such payments. This despite the fact that the matter has been under investigation by the Central Bank for nearly two years now.

“The brazen attitude they have shown to their customers on tracker mortgages is disgraceful.

“People affected by the rip-off have suffered greatly due to the outrageous behaviour of these lenders.

“I welcome the Taoiseach’s commitment to take further action if redress and compensation is not accelerated, but I would like to add that he should not have to make such undertakings.

“The lenders once recognising their own fault in this matter should have moved heaven and earth to right the wrongs they created.

“Had the shoe been on the other foot and the money been owed to the banks, I am certain they would have proceeded with utmost speed and action.

“These people on tracker mortgages, members of the Irish public, who bailed out our banking system, are entitled to have their cases settled immediately.

“I am going to ask that the Central Bank sets precise deadline dates for:-
(1) Identifying the total number of tracker mortgage holders impacted and …
(2) For both establishing redress and compensation schemes and then for paying their customers the money they owe them

“There is a need for urgent closure on this scandal; people must be allowed to get on with their lives, the Limerick Senator said.