Tag Archives: Tracker mortgages

Central Bank governor Philip Lane yesterday

Right so.

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

UPDATE:

Ulster Bank Chief Executive Gerry Mallon (top) and Allied Irish Bank Chief Executive Bernard Byrne arriving at the Department of Finance this morning

This afternoon.

In relation to the tracker mortgage scandal…

Following meetings at the Department of Finance with the Finance Minister Paschal Donohoe this morning…

Ulster Bank Chief Executive Gerry Mallon told journalists:

“We met with the minister and we listened to what he had to say. We’ve apologised unequivocally for the mistakes the bank has made and I’d like to reiterate that apology again today. We are genuinely very sorry.”

“Our number one focus, as a bank, is putting this right and that’s what we’re going to work hard at now. We’ll make a statement later. Thank you.”

Allied Irish Bank Chief Executive Bernard Byrne told journalists:

We have apologised several times before and I apologise again for what has happened in respect of this, to tracker customers. We listened to what the minster had to say and we’re going to make a fuller statement tomorrow in respect of that.

“And for the moment what we’re able to confirm is we’re fully committed to working in line with the framework that exists and we’re confident we’ll be able to make significant progress again.”

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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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)