Government will ‘ruthlessly pursue’ banks on tracker mortgages

Fianna Fáil TD Dara Calleary says banks ‘slithered and slided’ from responsibilities

Minister for Education Richard Bruton says The Central Bank will be given any powers it requires to deal the banks over the tracker mortgage scandal.

Minister for Education Richard Bruton says The Central Bank will be given any powers it requires to deal the banks over the tracker mortgage scandal.

 

The Government believes any failures by the banks in dealing with the tracker mortgage scandal should be “ruthlessly pursued”, Minister for Education Richard Bruton has said.

“We have no truck with the sort of behaviour that has seen people brought to the state of frustration and dismay,” he added.

Mr Bruton told the Dáil on Thursday the Taoiseach had made it clear any powers required by the Central Bank would be provided and the Government would not be afraid to take any other measures, including enhancing the bank levy.

The Minister was replying to Fianna Fáil public expenditure spokesman Dara Calleary who said the banks had “slithered and slided away” from their legal, financial and moral responsibilities.

He asked why the Central Bank had been “so soft” with the banks, particularly those which were State-owned.

Mr Calleary said everybody agreed the way the banks had treated those with tracker mortgages was abominable to say the least.

He said the Government’s last minute attempts to threaten banks with a “fix it or face a levy” approach would allow them and the Central Bank to get away with without anybody being held accountable.

“This scandal has happened on a continual basis over a large number of years,” he added.