Sinn Féin spokesperson on Finance Pearse Doherty TD has called on the Minister for Finance to publish legislation that would hold senior bankers accountable for financial misconduct; legislation the Central Bank have called for since 2017.
This comes after the Director General, Derville Rowland, confirmed at the Finance Committee that the Central Bank had reported suspected criminal activity as a result of the Tracker Mortgage Scandal to An Garda Síochána.
Speaking today, Teachta Doherty said:
“As a result of the Tracker Mortgage Examination, banks were forced to pay over €1bn that they wrongfully took from over 40,000 customers and families, including compensation, for the hurt, loss and devastation that they caused.
“Only last month, KBC Bank was fined €18.3 million for breaches that took place even during the Tracker Mortgage Examination.
“These breaches affected over 3,700 borrowers and led to the loss of 66 properties and 11 family homes. In the words of the Central Bank, these actions ‘caused avoidable and sustained harm to impacted customers’.
“100 families lost their homes as a result of the Tracker Mortgage Scandal, with thousands more suffering financial loss.
“Today at the Finance Committee the Director General, Derville Rowland, confirmed that the Central Bank had reported suspected criminal activity by banks to An Garda Síochána as a result for he Tracker Mortgage Scandal.
“This is welcome news. We need more than fines against these institutions – we need accountability.
“For years, Sinn Féin have been calling for legislation that would deliver individual accountability at senior levels in our banks.
“The Central Bank has itself said that lack of accountability is a key driver of misconduct in our banks.
“Since 2017, the Central Bank have been calling on the Department of Finance to bring forward new laws that would enhance the accountability of senior bankers.
“Three years later, the Minister for Finance has failed to bring forward this legislation. That isn’t good enough.
“They must do so now as a matter of urgency.”