Tuesday 22 October 2019

Banks' handling of tracker scandal 'a disgrace' - FF

Fianna Fail TD Michael McGrath Photo: Collins
Fianna Fail TD Michael McGrath Photo: Collins
Cormac McQuinn

Cormac McQuinn

OVERCHARGED customers whose tracker mortgages were taken away from them by banks should be repaid and compensated immediately, the Fianna Fáil Ard Fheis has been told.

And the party's finance spokesman Micheal McGrath hit out at the banks branding their handling of the issue as a "disgrace".

He also told delegates that the Central Bank will be grilled on the tracker mortgage controversy when officials appear at the Oireachtas Finance Committee on Thursday.

"Customers were overcharged often by hundreds of Euro, every month, yes every single month for many years.

"To put it in plain and simple language – the banks took their money," he said.

Mr McGrath added: "Some customers have lost their home as a result. Others have had their lives turned upside down, their dreams shattered."

He said: "Those who hhave not yet been repaid need to be repaid now.

"Customers should be compensated immediately and people have to be held accountable for how this happened in the first place," he said.

Meanwhile, he said there is a risk that the made revenue raising measure in the Budget won't bring in as much funds as the government hopes.

The raising of stamp duty on commerical sales is expected to generate €376m.

Mr McGrath said: "Ultimately it is a tax on property transactions so the Revenue depend on the volume and value of those transactions and we’ve all heard anecdotally there was a made rush to get contracts signed on Tuesday...

"It is the principle revenue raising measure in the Budget and a lot of the commitments that have been made are going to be derived  in terms of Revenue from that.

"So it’s undoubtedly a risk and I think it’s one we’ll have to watch closely," Mr McGrath said

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