Friday 20 April 2018

Bank of Ireland boss denies paying off tracker mortgage victims

Chief executive of Bank of Ireland Francesca McDonagh. Photo: Mark Condren
Chief executive of Bank of Ireland Francesca McDonagh. Photo: Mark Condren
Charlie Weston

Charlie Weston

THE boss of Bank of Ireland has denied she is paying off tracker mortgage victims and stripping them of their humanity.

Francesca McDonagh told the Oireachtas Finance Committee the bank was prepared to look at difficult tracker overcharging customer experiences on a case-by-case basis.

She said the bank was clear any award of compensation and refunds could be appealed to the bank’s appeals panel, and customers could also go to court if they were not satisfied with an offer.

The bank recently conceded that it has 6,000 more cases than it originally admitted to, taking its total to 9,400 customers.

Some tracker-hit customers had life-threatening illness. Others lost their homes, Ms McDonagh admitted.

But Sinn Féin’s Pearse Doherty accused the bank of being heartless, by making low financial offers to those with serious illness, or those who lost homes.

He was speaking at a late session of the committee.

“You have stripped the emotion and humanity out of this. You are doing what bankers do. You are putting a price on pain and suffering.”

He said it was not good enough to say affected customers could appeal any award or go to court.

But Ms McDonagh responded: “I am not stripping the emotion and humanity from this in our approach.”

She said if someone lost their home over the tracker scandal, or experienced financial hardship, the bank would consider these fact.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business