John McGuinness
asks Goggin: What are you going to do about it:
Goggin: Information and education
We are concerned where products are deliberately complex
We recommended looking at cash discounts and cash backs in our mortgage paper.
There are two agencies looking at enforcement, but the CB looks at that.
McGuinness
Since 2009, the banks have been exposed for theft. In one bank alone, 20 homes have been lost.
You say that's because they were losing their shirt on tracker mortgages.
I am asking you who is supposed to be protecting consumers, who lost not just their shirt, but their homes, what do you say to them?
I don't see you doing anything.
Goggin: Big delay. The best way to achieve redress is to leave it to the Central Bank investigation. We have 90 people. The Central Bank has 20 times that number.
McGuinness: It appears to me that you are doing nothing. We are in this space today because of pressure from other people [not your work].
You are waiting for a whistle blower. Look at what happened to Maurice McCabe.Do you think anyone will come forward. Look at the 2,000 BoI staff who were refused their trackers because they were financially literate.
Goggin: It's not within our power to get redress.
McGuinness: You are consumer protection, aren't you? What are you doing? I keep on asking you... Only today, you used the committee to ask whistleblowers to come forward. Why are you not to the fore in relation to this?
Goggin: We can't carry out an investigation, without evidence. There must be some employees who are sufficiently annoyed to come forward if there was misbehaviour?
McGuinness: How else do you collect your information? Do you not actively go out looking for it.
Goggin: The CB has an obligation to bring any such information to our attention.
McGuinness: Are you afraid of the banks.
Goggin: Hearsay evidence is not enough to base an investigation. We are not afraid of banks. We can't do any more than we are already doing. We do need to review it after the CB review is over.
McGuinness: It wasn't someone at the front desk who took off the trackers, who charged the very high rates. It wasn't someone at the front desk of ptsb, who decided their strategy.
If all the banks did the same thing at the same time , it stinks of a cartel.
Have you ever spoken to Padraic Kissane.
Goggin: No, but I can't see that he would have any evidence.
McGuinness: How do you know, if you haven't spoken to him?
[This is the first proper exposure of the CPCC's total lack of action on the tracker issue]
McGuinness: Have you spoken to Mr Kissanne, mr Deering. [ Brilliant move]
Deering: Yes,I have met him. He is very experienced and well informed.