This morning.

Leinster House, Dublin 2

Central Bank Governor Philip Lane flanked by Derville Rowland, Director General, Financial Conduct (left) and Sharon Donnery, Deputy Governor ahead of reporting to Finance Committee about the tracker mortgage controversy.

The Governor of the Central Bank has told the Oireachtas Finance Committee that it is liaising with An Garda Síochána and other State agencies in relation to the tracker mortgage scandal.

Philip Lane said the Central Bank is pushing the limits of its powers to ensure customers affected by the controversy are remedied appropriately.

Update:

Sinn Féin’s Pearse Doherty said he was “absolutely shocked” that the Central Bank would not use its powers to compel the banks to issue redress to customers it believes are affected by the scheme.

I’m not hearing that you are willing to use those powers. That is letting down the customers and a dereliction of your duty” he said.

He said the Central Bank was saying it would ask for the names of the customers, and would write to them inviting them to make a complaint to the Financial Services Ombusman.

He described the Central Bank as “the dog that won’t bark”.

Central Bank working with gardaí over tracker scandal (RTÉ)

8 thoughts on “The Slow Lane

  1. ivan

    “Dog that won’t bark”?

    It’s the dog that’s toddled into the vets office, lobbed itself up on the table, shown it’s privates and nodded at the scalpels’n’all.

    Mind you, if this was a Credit Union that had dropped the ball, the CB would be all over ’em like a rash. And rightly so. Just can’t help but note the double standard.

  2. dav

    Fair play to Pearse for highlighting the cosy corrupt links between the banks and those who should be governing them..

  3. Topsy

    According to RTE news today, no individual to date has made a report / accusation to the Garda of criminal wrongdoing by the banks or persons managing these banks. Hard to believe. The Central bank says it is “liaising” with the Gardai. We all know course nothing will come of this so called “liaising”.

  4. Otis Blue

    I understand that the Central Bank employs in excess of 1700 people. What exactly do they do?

    Remuneration appears to be decent too

    https://www.irishtimes.com/business/economy/up-to-130-central-bank-staff-earn-more-than-100-000-1.2506820https://www.irishtimes.com/business/economy/up-to-130-central-bank-staff-earn-more-than-100-000-1.2506820

    https://www.centralbank.ie/docs/default-source/careers/policies/staff-categories-salary-scales-and-salary-bands.pdf?sfvrsn=20https://www.centralbank.ie/docs/default-source/careers/policies/staff-categories-salary-scales-and-salary-bands.pdf?sfvrsn=20

  5. Catherinecostelloe

    And the Finance Dept know nothing of this?!!! Pull the other one. Maybe the FBI will uncover more Irish links to Panama Papers following gruesome bombing of journalist this week. Should we not have a mass protest because after all these greedy thieving bankers are responsible for suicides. Are we to give these w##kers ” bonuses” this year again?

  6. ahjayzis

    Their mandate is to protect and promote the banks AND to regulate them. How is that not a conflict of interest?

    And anyway, can you really regulate something that has the ability to destroy you?

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