Crowe Says Tracker Scandal Still Not Resolved for Many Customers

Dublin South West TD Seán Crowe has said that despite the publication of the Central Bank’s final report on the tracker mortgage scandal many customers’ cases still not resolved, remain outstanding and face into an uncertainty of the courts.

The Bank overcharging scandal can be traced back to the start of the financial crisis when they moved to stop offering cheaper mortgages linked to the European Central main rate-trackers. In doing so they denied many of their borrowers on temporary fixed rate mortgages their right to move back on to a tracker rate at the end of a fixed rate period.

Deputy Seán Crowe said:

“I welcome the publication of the Central Banks final report on the tracker mortgage scandal but unfortunately many customers cases are still not resolved, remain and face into the uncertainty of long drawn out court cases having lost their homes.

“The report should be compulsory reading for all those pushing for easing of bankers’ pay and bonus caps. Ninety-nine family homes were lost because of the banks’ incompetence or underhandedness. We also know now that a further 216 rental properties were lost causing great hardship to both owners and their tenants.

“This scandal was not victimless and nor was it without perpetrators who took these decisions. The search for accountability should not end today. Each one of the 40,000 victims have a story to tell and no amount of compensation or redress will heal the wounds that these decisions caused.

“Only 40% of the known cases would have been addressed if the banks were left to their own devices. The Central Bank had to engage a whopping 220 times with the lenders to get to this point.

“Far from apologetic, they have been dragged kicking and screaming every step of the way throughout this process.

 “I am also extremely concerned that there are potentially thousands of people who will now be forced to go through lengthy, expensive and uncertain court cases to try and get their cases resolved.

“This latest tracker scandal has highlighted once again that governance of the Banks is weak slow to act, and inept when it comes to standing up for hard pressed customers.

“The tracker mortgage scandal is far from over, certainly not until the last case has been settled conclusively and until all those bankers responsible are held individually accountable. This is not ‘bank bashing’- it is about ensuring that there is one law for all in our society and no special treatment for white collar crime, recklessness or sharp practices.” ENDS