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FINANCIAL REGULATORS CONSULTED gardaí on the tracker mortgage issue, but no reports have yet been made.
The tracker mortgage issue centres around thousands of people who paid higher mortgage rates than they should have.
The remarks were made by Central Bank officials to the Finance Committee today.
The Central Bank’s head of enforcement Derville Rowland said that she met with gardaí to discuss the tracker mortgage issue ‘in general’ terms.
Rowland says they considered “taking action against senior members” and bringing sanctions forward, which is within the remit of the Central Bank.
“In this context no reports have been made to date.” She said she met with gardaí and discussed the issue in general terms, and the Central Bank continues to regularly engage with the gardaí on the matter.
There are open investigations at the moment involving Permanent TSB and Ulster Bank. There’s also one concluded case with Permanent TSB’s Springboard – where the lender was fined €4.5 million as well as repayment fees.
In that particular case, Rowland said, “we demanded that the consumer interest was put as a first priority”.
The Central Bank said today it is reviewing the exact value of what thousands of customers lost out on over the years when they should have been on a better rate.
The assessment is expected to be concluded by the end of September this year, they said, but there’s no exact figure on rebates for customers, or if there will be fines involved.
Real effect
Earlier today, TheJournal.ie reported that a widowed father-of-five from Co Kerry who was overcharged by Bank of Ireland on his mortgage payments is now in a battle to stop the bank from taking his family home.
The bank secured a possession order on 40-year-old Raymond Flavin’s house in Lisselton last year, only to later admit he had been caught up in the tracker mortgage scandal.
In the Finance Committee today, Central Bank governor Philip Lane said that there was a “systematic and widespread aspect” to the tracker mortgage scandal.
“It manifested itself in different ways, in different institutions over different periods of time, to different customers.
It does require comprehensive approach; there was a cultural issue that was in favour of the lender and not in favour of the customers.
He also said that lenders should “never have been as aggressive as they were in terms of how they viewed these contracts”.
If you have been affected by the tracker mortgage scandal, we want to hear your story. Get in touch by sending a message to trackermortgage@thejournal.ie.
With reporting from Michelle Hennessy.
Meanwhile, the fatcat bond holders were compensated fully. Didn’t happen though when ordinary working men and women were persuaded by Mary O Rourke to beg borrow or steal to buy shares in Eircom…..
You may be sure that the majority of the managers and higher level workers lost out on nothing . As usual Mulvey, an ex trade union leader, is a disgrace !
Bloody whingers they were happy when the bank was doing well.
They were happy when the bonuses were coming in.
Lucky to be getting anything should only be statutory and be glad of it.
Frankly, they suffer because they are playing golf with the wrong crowd
My heart bleeds
No bank in receipt of state funds should have been allowed to offer anything beyond statutory redundancy. Maybe not a reflection on the person but the company was dead. I await with interest to see where John Moran pops up now he has allowed recapitalisation of banks.
Staff who resigned not entitled to redundancy… Shock Horror
my dad got his mortgage from anglo when it was a fella in an office.he got €4000 to build the house in dublin, and in the height the house was worth €650,000. in walkinstown. mental stuff
But he built it in the rare old times yeah ?
Anglo Irish Bank never offered residential mortgages
rare old times is right mate. even in walkintown… the house is big and had an extension with utility room and jax. it really makes ye remember how crazy it all was
Maybe I’m Missing something, but if you leave a job for a better offer, even if the company you work for is in trouble, you are not entitled to any redundancy. How is this even an issue for reporting in the media????
I have no sympathy for Anglo staff they did a crap job building a busted bank, paid themselves well and the country was left holding a bill for their collective stupidity. Just suck it up the same as contractors who never got paid or small business that went bust. I shared a lift with a stupid girl who had worked for Anglo and she could see no connection with the loss of services in society and her former company’s bad business decisions
Comments closed for Seanie et pals court case-but open for actual current staff working 9-5 same as u-shame on you Journal
Good. Finally a little bit of justice. It appears the country is slowly releasing its head from its anoos
Maybe I’m Missing something, but if you leave a job for a better offer, especially if the company you work for is in trouble, you’re not entitled to reduntancy!!!!!!
“The reason for this, according to the IBOA, is because creditors of the IBRC could legally pursue payments made to those who left early.”
Excellent. They can go after Fitzpatrick then, biggest payout in one person right there.
The lapdogs for the leprechauns who ruined the country,let them starve,call it the Anglo famine.
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