Brendan Burgess
Founder
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Back in 2017 , the Minister invited in the Chief Executives of the banks and issued a press statement afterwards:
"Today all five banks have made statements unreservedly apologising to their customers who have been adversely and shamefully impacted by the tracker rate scandal," he said.
"Let me be very clear - the Government believes that the behaviour of the banking sector in relation to tracker mortgages was disgraceful. This is a scandal. It should never have happened and the Government is determined to ensure that it should be resolved.
"The Irish people made extraordinary sacrifices to support the banks at the height of the financial crisis. Having done so, it is right that we demand, on behalf of the people, that the banking sector now, more than ever, operates in the best interests of its customers. The legalistic approach taken by some banks to avoid doing the right thing is simply unacceptable. Ultimately such behaviour is not in the interests of customers or shareholders.
"There has been a varying response from the banks and as a result, banks that did actually respond in a more appropriate and customer centric manner will not receive any credit for doing so. It is now time that all banks seek to regain the trust of the Irish people by actions, not words."
Mr Donohoe says the banks need to resolve the issues as quickly as possible.
"The Government is determined that the banks resolve this matter as quickly as possible so over the past three days I have met with each of the Chief Executives of the five banks. At each of these meetings, I made my views clear.
"These discussions focussed on the scope of the tracker investigation, the timeline for a resolution, other follow-up actions and a review about the culture in Irish banking that allowed this to happen in the first place.
"Based on its ongoing investigation into the tracker mortgage issue, the Central Bank is of the view that some bank behaviour up to now has been unacceptable, legalistic and not customer centred. The Central Bank is also concerned that two banks had failed to fully identify customers impacted.
"Following my meetings this week, all the banks have committed to working with the Central Bank to fully meet its requirements. This will result in further affected customers being identified very shortly.
"I expect this aspect of the investigation to be finalised so as to minimise the uncertainty for such customers, and for redress and compensation for those further customers to swiftly follow.
"All redress and compensation will be in line with the ‘Principles for Redress’ set by the Central Bank. In that context the five banks have made the following commitments in terms of resolving the issue."
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"Today all five banks have made statements unreservedly apologising to their customers who have been adversely and shamefully impacted by the tracker rate scandal," he said.
"Let me be very clear - the Government believes that the behaviour of the banking sector in relation to tracker mortgages was disgraceful. This is a scandal. It should never have happened and the Government is determined to ensure that it should be resolved.
"The Irish people made extraordinary sacrifices to support the banks at the height of the financial crisis. Having done so, it is right that we demand, on behalf of the people, that the banking sector now, more than ever, operates in the best interests of its customers. The legalistic approach taken by some banks to avoid doing the right thing is simply unacceptable. Ultimately such behaviour is not in the interests of customers or shareholders.
"There has been a varying response from the banks and as a result, banks that did actually respond in a more appropriate and customer centric manner will not receive any credit for doing so. It is now time that all banks seek to regain the trust of the Irish people by actions, not words."
Mr Donohoe says the banks need to resolve the issues as quickly as possible.
"The Government is determined that the banks resolve this matter as quickly as possible so over the past three days I have met with each of the Chief Executives of the five banks. At each of these meetings, I made my views clear.
"These discussions focussed on the scope of the tracker investigation, the timeline for a resolution, other follow-up actions and a review about the culture in Irish banking that allowed this to happen in the first place.
"Based on its ongoing investigation into the tracker mortgage issue, the Central Bank is of the view that some bank behaviour up to now has been unacceptable, legalistic and not customer centred. The Central Bank is also concerned that two banks had failed to fully identify customers impacted.
"Following my meetings this week, all the banks have committed to working with the Central Bank to fully meet its requirements. This will result in further affected customers being identified very shortly.
"I expect this aspect of the investigation to be finalised so as to minimise the uncertainty for such customers, and for redress and compensation for those further customers to swiftly follow.
"All redress and compensation will be in line with the ‘Principles for Redress’ set by the Central Bank. In that context the five banks have made the following commitments in terms of resolving the issue."
- AIB
- 4,152 customers identified as being impacted at 30th September.
- Almost 3,500 or 84% have already been redressed and compensated.
- Redress and compensation for remaining customers by the end of the year.
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