Tag Archives: Philip Lane

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

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)

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Governor of the Central Bank Philip Lane at a meeting of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach today

Further to reports that 8,200 mortgage accounts – in which homeowners were overcharged because they were wrongly denied low interest tracker rates by 15 banks – had been identified by the Central Bank…

From a meeting of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach today…

Related: Central Bank says 8,200 accounts now identified in tracker mortgage overcharging scandal (RTE)