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THE LATEST FIGURES from the Central Bank show that around 8,200 Irish mortgage customers were denied a right to, or the option of, a tracker interest rate.
The financial regulator issued an update of its Tracker Mortgage Examination this afternoon. The Central Bank has been looking into the issue since 2010, and wrote to fifteen lenders last year setting out the framework for its industry-wide probe.
“When groups of impacted customers are identified, in the first instance, the lender must stop charging the incorrect rate of interest on the customer’s account,” a statement from the Central Bank said today.
The lender must then communicate this to the customer, to ensure that any further customer detriment is stopped as early as possible.
The regulator’s director of consumer protection, Bernard Sheridan, said the figures showed an increase in the pace at which customers were being identified “with more customers starting to be moved to the correct interest rate, and redress and compensation commencing”.
Each lender is a different stage in the process of dealing with the issue, Sheridan said.
Based on current progress, he said that lenders should have identified and started engagement with customers by the middle of next year “with payment of redress and compensation, processing and consideration of any appeals” continuing beyond that point for some.
Responding to the Central Bank’s update, Sinn Féin’s finance spokesman Pearse Doherty described it as an “admission of failure”.
The regulator was still trying to get to grips with the scale and gravity of the controversy, six years after the issue was first raised, he said.
Today’s update is a huge disappointment with a date for mid-2017 being given simply as a date by which victims must be contacted.
The bank’s update failed to mention accountability, Doherty said.
The whole industry continues to insist there was a systems error or a misunderstanding. The scale of the scandal and its occurrence throughout the sector makes it a policy not a mistake.
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Where is the rest of the story? Is that it? There was more information in the
Sub heading than in the few paragraphs below.
Hi Niall,
If you click on the slideshow, each slide has a caption that explains a different point. Can you see the slideshow?
If not, let us know what device you are viewing it on. It’s working on desktop and I’ve just checked it on iOs
and Android and it seems fine there too?
I’m still getting used to this new media way of viewing information! Sorry guys thanks
No problem!
Ummm… What’s it got to do with the Internet? It’s about a pirate TV channel. These were pretty common place all across the US in the 70s & 80s.
It was an absolute SHITE film then and now!! [
Apart from Debbie Harry that is]. Its one of those films you can take whatever meanings you want to out of it or none at all.I took from it that whoever wrote it was on drugs when he wrote the script.
Very weak connections considering the movie focuses on the cathode ray tube being mystical. The addiction and effects are based on a scientist experimental beams.
Not exactly predictions to anything.
Scanners. Cronebergs masterpiece. Eastern Promises underated too
cronenberg is a body horror master, crash, the fly, rabid, scanners etc,etc.
I have loved his recent progression to more drama like material like eastern promise, history of violence & a dangerous method. didn’t like cosmopolis
history of violence was fantastic too!
Debbie Harry yes yes and yes! The movie was terrible.
Long live the new flesh!
Might be a Sh1t movie but a hell of a lot better then any Iris made Movie. and I wonder where internet comes into play it this story.
I will read over it and over it never know it might be in there somewhere in hidden files.
Better than The Snapper? To name but one!
It’s medication time Declan, open wide and swallow.
I think you’ll find Michelle he said ‘Iris made’ One can only assume he was referring to East German filmmaker Iris Gusner
Furthermore: could we all stop talking about the Snapper please? Yes, its just about better than Videodrome but then a documentary about whale sh*te would be too.
Tony la plonk
declan, exactly what is your problem with Irish movies????
you have yet to give any reasons, so stop trolling!!!
@ Michelle: snappy comeback
There’s hardly any link between Videodrome and the internet.
Brian O’Blivion. That about says it all. I expect the author of this wrote it while watching porn with his free hand.
have your say