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CHEATING BANKS EVICT 100 FAMILIES; Outrage at tracker mortgage 'monumental rip-off'; Banks 'must be held to account'.

Byline: FERGHAL BLANEY Political Reporter

BANKS forced up to 100 families and property owners out of their homes in the tracker mortgages scandal, Fianna Fail said yesterday.

Finance spokesman Michael McGrath demanded banks are held to account for "the monumental rip-off ". The shocking scenario saw fatcat bankers duping people into paying higher rates of interest than they should have been on. It eventually emerged more than 30,000 mortgage holders had been overcharged.

The banks have been hauled over the coals at the Oireachtas finance committee in Leinster House in recent weeks.

With the meetings now over Mr McGrath has found 97 homes were lost across the main banks in the scandal.

The Cork South-Central TD said: "Given that the number of impacted customers has increased dramatically to 33,700 in a short few months, it is now inevitable the number who have lost their home as a result of being denied a tracker mortgage will increase well beyond figure of 97 currently reported by the main lenders.

"In fact, the banks have admitted they ks ey are still working through thousands of cases to assess the impact on customers.

"The fact that people lost their homes because of the actions of the banks is truly shocking but the human impact on many other customers has been profound also.

"In recent weeks, the Finance Committee has met with AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC, on the tracker controversy.

"Over two years on from the launch of this investigation by the Central Bank, many customers are still not on the correct rate. For example, only [on Tuesday] KBC confirmed around 2,500 customer mortgage accounts have still not been put on the tracker rate they are entitled to.

"It became very clear over the course of the hearings that affected customers could very easily fall through the cracks.

"I would not be confident that banks are successfully contacting every impacted customer.

"Further, it became very evident there is no consistency in the level of compensation being offered by the banks."

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97 but rise in number evicted is 'inevitable' 2yrs How long tracker probe is running


CONCERN Minister Michael McGrath

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Publication:The Mirror (London, England)
Date:Feb 8, 2018
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