‘Do You Have Enough Powers, Do You Think?’

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This afternoon.

Further to talks between the Minister for Finance Paschal Donohoe and the governor of the Central Bank Philip Lane.

And the fact the Central Bank cannot compel banks to give certain levels of compensation to cases after August 2013…

Mr Lane told journalists:

So the current situation is we have 13,000 cases. Already, €160million has been paid out. We think the vast majority of those cases will be paid out before Christmas.

“However, we continue to make, to press the banks to expand their coverage, to make sure all of those affected are included in their schemes.

“That is the current focus of our work: is to make sure, beyond those 13,000 which, you know, those are in progress, is to make sure yet more are included. So that all of those affected will receive redress and compensation from their banks.

“Our focus is on our work now which is fully committed to protecting consumers. This examination was launched by us to make sure that all of those affected will receive redress and compensation for the harm that they’ve suffered.

“So, right now, we’re fully engaged with our consumer protection mandate which is at the heart of our current work.

“So, already we’ve seen over €160million paid out and that’s only in relation to a fraction of the cases. We are not going to put any limit on the amount paid out.

It is up to the banks to make fair and generous offers to those affected so that the full scale of the harm is remedied. So I don’t want to put an upper limit, the banks to be as generous as is reasonable given that the harm suffered by those affected in this case.”

At 1.11 in the clip above, one male journalist asked Mr Lane: “Do you have enough powers, do you think?”

But Mr Lane moved to another journalist without answering that specific question.

Meanwhile…

The CEOs for KBC and Bank of Ireland have told RTE News that they will be making a statement shortly.

Earlier: Admonishment

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13 thoughts on “‘Do You Have Enough Powers, Do You Think?’

  1. phil

    He has the power to remove their banking license, or at least to remind the bank that he has such power …

    1. realPolithicks

      There needs to be an investigation as to whether their was collusion between banks in terms of how they dealt with these customers. They also need to investigate who in the banks made the policy decisions around these actions and prosecute where appropriate. I won’t hold my breath.

  2. Andrew

    The Financial Ombudsman could and should have sorted this out ages ago. The ombudsman is Ger Deering and knowing what I know about him; I’m not surprised he is keeping his head down.

  3. Candy Crush Guru

    I can’t help but think this is all show
    The Central Bank publicly putting the Banks on the naughty step, while at the same time keeping the same Banks main interests – dominance and control over Home Owners, as the Central Bank’s main purpose

    Why else would the Government and the Central Bank insist people surrender their homes back to the Banks before they can qualify for Social Housing and HAP.

  4. Panty Christ

    Central bank asked the banks to review their own behaviour and award compensation as they see appropriate, you’d lol if you didn’t cry first.

  5. Milo

    There is an opportunity for media, politicians and regulators to actually do something this time. If they dont, any guff about Sean Fitzpatrick, Drumm, Neary et al will be just guff.

  6. Catherinecostelloe

    Hold your horses here!!! The Wicklow man who suffered a stroke, whose wife had a nervous breakdown, whose teenage boys were left traumatized specifically stated that he knew of several suicides as a result of this fiasco. So quit dumbing it down. Corporate manslaughter charges should be considered and the families afflicted by suicide should have their mortgages paid in full by these shysters ” bonuses”.

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