Tracker scandal cases rise to 40,500
The numbers in line for some sort of redress and compensation under the tracker mortgage scandal have risen to 40,500 at a cost of €693m but it appears unlikely that other major groups will be included in the redress scheme.
The new figures were disclosed by senior officials of the Central Bank at the Oireachtas finance committee which was examining the final report by the regulator of its tracker investigation.
But since the report’s publication a further 400 people have been assessed as qualifying for redress because of a time lag of cased already in the pipeline and an inflow of individual cases, TDs heard.
Other large groups of people who believe they have been unaccountably excluded from the redress programme, including a large group of AIB customers and Bank of Ireland staff, have so far failed in their claims.
Seána Cunningham, director of enforcement and anti-money laundering, said the Central Bank has had to threaten some lenders with High Court action to get information.
Derville Rowland, director general of financial conduct, said the Central Bank’s involvement in the investigation had forced the banks to significantly increase the number of cases and that it would continue to confront the lenders with any new information it received from the Financial Services and Pensions Ombudsman.
Ms Rowland said the regulator would pursue the accountability of individual bankers for their part in the scandal.
“We take robust enforcement action that holds firms and individuals accountable, deters misconduct and promotes compliance and high standards in financial services,” she said.
“We use the full suite of our powers, and publish details of enforcement actions where we are legally permitted to do so, together with public statements outlining the standards we require of regulated firms and individuals,” she said.
