Redistribution of bank fines from Tracker Mortgage scandal?

[Equality]

The Irish Central Bank issued a number of fines to the banks involved in the Tracker Mortgage scandal, let’s say about 240 million euro.

Why should the Central Bank CB benefit from the tracker mortgage scandal bank fines, they were either asleep at the wheel or worse, they knew that the banks were colluding against their customers. The CB pay the surplus, if there was any, to the Exchequer.

Why should the Exchequer benefit from the tracker bank fines, after all the state was also culpable in the Tracker Mortgage scandal.

The fspo did not come out of this scandal smelling of roses either. The fspo handling of the cases has left a lot to be desired, from inordinate delays to questionable decisions that will take another number of years to filter down.

A much more equitable use of the funds would be to redistribute the tracker mortgage bank fines to those who were directly affected i.e. the 40,000 tracker mortgage bank customers that were wronged. Each customer should get about 6000 euro based on the 240 million euro fines to compensate them for the states tracker mortgage failure.

 

[skrooge]

I wouldn't conflate institutional fines and personal compensation. The institutional fines were separate to the redress and compensation schemes.

If the compensation and redress scheme payouts were independent, objective and fair it's hardly equitable to pay a second round of compensation to those effected. If they weren't all of the above then the results should have been appealed.

The tracker mortgage scandal is not the only set of fines the CBI has levied why should those fines be redistributed differently than others?

 

[Brendan Burgess]

[The Central Bank] were either asleep at the wheel or worse, they knew that the banks were colluding against their customers.

Agree that the Central Bank were slow to get going, but when they did get going they did a great job.

About 26,000 or so people got serious compensation and it would have been probably about 26 without the Central Bank's work.

The fspo did not come out of this scandal smelling of roses either. The fspo handling of the cases has left a lot to be desired, from inordinate delays to questionable decisions that will take another number of years to filter down.

Tell that to the 2096 customers of Bank of Ireland who got trackers back in 2011!

Tell it to the thousands of ptsb customers who got their trackers back despite ptsb appealing the Ombudsman's decisions to the High Court and then to the Supreme Court.

And tell it to the 6,000 AIB Prevailing Rate cases. I would say that no more than 100 of them were even aware that there was an issue until they got a letter from AIB with a cheque for €40,000.

I have disagreed with the Ombudsman's decisions in some cases but I also frequently disagree with judge's decisions in court cases. And I am sure that Bank of Ireland, ptsb and AIB have all disagreed with the Ombudsman's decisions in many cases. That does not mean that their decisions are questionable.