The Central Bank should insist that the banks promptly repay overcharged customers what they are owed plus appropriate redress according to Senator Robbie Gallagher.
“The Central Bank has conducted an examination of tracker mortgage issues, including where banks wrongly denied customers their rights to return to a tracker rate of interest following a period on a fixed rate.
“Six months ago the Central Bank confirmed that the total number of affected customers covered by this probe was 9,900. This figure has probably risen further since then. As far as we know, the majority of customers who had been placed on the wrong rate of interest have now been put on the correct tracker rate.
However, the delay in paying people back the money they were overcharged and paying them appropriate compensation is totally unacceptable.”
“Many customers are owed thousands and fifteen months on and they have yet to be repaid or offered any redress and compensation.”
The behaviour of the banks over the tracker mortgage scandal has had life-changing consequences for many people, including for some the loss of their home but, as yet, the banks have been given no deadline by which overcharged customers are to be repaid and compensated.
“How can trust be restored unless the Central Bank takes a tougher line with the financial institutions and insists that customers affected by this scandal are properly looked after,” he said.