Clare Oireachtas Members Hit Out At Banks Over Tracker Scandal

The Dáil is to vote on the tracker mortgage scandal shortly.

Fianna Fáil is calling for a detailed explanation of how thousands of customers had their home loans unfairly changed.

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It comes as Clare’s Independent TD has lashed out at the banks over the tracker mortgage scandal, accusing them of ‘financial terrorism’.

The tracker mortgage scandal is deepening, with the Finance Minister warning he will become an “active” shareholder in the state-owned banks if progress isn’t made.

Thousands of customers have been repaying a higher rate than they should have on their tracker mortgages with the banks – and the compensation process will begin in the coming weeks.

But the chair of the Oireachtas Finance Committee, John McGuinness, predicts it’ll drag into 2018.

Their treatment of mortgage payers has been widely criticised – with Clare’s Independent TD Dr Michael Harty accusing banks of bleeding customers dry.

Banks have committed to compensating 12,000 customers by Christmas but serious concern has been raised that thousands more have yet to be identified.

Clare’s Senator Martin Conway is calling for Ethics Officers to be put in place in the country’s financial institutions to report directly to the Government and the Central Bank.
The Taoiseach says if anyone believes a crime has been committed over the tracker scandal they have an obligation to report it to the Gardaí.

Leo Varadkar was reacting to a question about his coalition partner, The Independent Alliance, issuing a statement through the Government Press office calling for criminal action against the banks.

Mr Varadkar would not say if there is a coalition disagreement but says he cannot personally rule that a crime has taken place and he does not have the power to send in the Gardaí.