Pearse Doherty
Does that include the 3916 BoI guys who were overcharged by 0.15%
Lane
My understanding is that they are included in the 8,200
Doherty
Probably around 15,000 in total
This happened before your watch.
And in 2010, when the CB was fire fighting other issues
In 2009, the FSO asked you to do an industry wide review of tracker mortgages.
Lane
I don't know. I would have to come back to you.
There is no contest between financial stability and consumer protection
Consumer protection is not an inferior mandate
Doherty
The Indo reports that you were aware of it since 2008
How did you miss it
If it had not been fixed, it would have cost customers between €500m and €1 billion
90k per customer
Lane
We have a focus on redress and on enforcement against the institutions concerned
Doherty
The customers deserve an apology from the CB
This is not just a systems error
It was policy not to offer a tracker rate to customers who were contractually entitled to them.
Are you going to look at whether there were individuals responsible?
Lane
Our enforcement covers action against institutions and individuals
I don't want to preview any enforcement actions,but will will hold individuals to account.
Doherty
Bank of Ireland 2,100 got restored in 2011. They got no compensation.
There was no redress scheme then
Will you ensure that they will be treated the same as they would today
Sibley
There was no compensation for the harm
We had no powers at that point
The 2013 Act changed our powers
Doherty
The 3916 people who were overcharged by 0.15% deserve compensation as well.
Sibley
We are engaging with all the banks, but there are limitations on our powers
Doherty
People are being restored at much higher rates by ptsb. They shuld have got 75 bps, but they are getting 325 bps.
Are you going to get involved in this?
Lane
The contract is the baseline in the review
Are you being restored to that?
If you want to share individual cases with us, please do.
The understanding of the consumer what their contract was is important.
Doherty
You have the information. People like Padraic Kissane and the IMHO don't have this information.
There were 80 live cases with the FSO which resulted in 15,000 restitutuions cases.
Lane
There will be a phase where we will review the work they have done.
That will happen in early 2017