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.