Tracker victims at the Oireachtas Finance Committee 9.30 am today

Quote"The Department of Finance said last night that the Central Bank has powers to compel lenders to redress customers, but only dating to 2013 legislation.

It added: “The Central Bank does not have statutory powers to compel lenders in respect of failures that occurred prior to the introduction of the Act" unquote

In other words the Central Bank is toothless!!
 
Lets hope the media coverage this week will encourage more of those affected to speak up, get angry and get emailing TDs. There were 602 BOI customers including me identified as affected by this in Dec 16th. I have been wondering have the other 601 been waiting patiently all year to get some information from the bank or are they similarly annoyed and frustrated by the lack of action. I haven't seen any of their stories in the media. There are thousands of others affected across all banks and now is the time to speak up, put the pressure on and let the regulators. banks and TDs know that we have had enough and we want action. 20,000 people plus cannot be ignored if everyone gets involved.
 
John McGuinness in the Irish Times today, moots the suggestion that the banks have their licences restricted until they resolve the issue: https://www.irishtimes.com/news/ire...icted-over-mortgage-scandal-td-says-1.3255688

In relation to the Central Bank's ability to push the banks to redress... It's clear that for some it's a clearcut breach of contract situation. For others it's an obvious breach of the CPC (consumer protection code), and for others it's a little more grey.

For all, we are now hamstrung within the Tracker Examination Programme with nowhere to turn until the banks redress.

Now if the CB had said, right anybody who is affected pre 2013 can now go to the Ombudsman or legal route, then we'd know where we stood. That leaves the post 2013 cohort to be dealt with under the Examination and the rest to pursue our cases directly.

Instead, we are powerless in the face of an Examination that is dragging on far too long.
 
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Um why does the Central Bank say this in its documentation in May 2016?

The Statute of Limitations does not apply to the Central Bank’s powers to enforce compliance with
regulatory requirements including those relevant to this Examination and does not negate lenders’
obligations to comply with the relevant regulatory requirements set out by the Central Bank.

https://www.centralbank.ie/docs/def...tgage-examination-clarifications-5may2016.pdf
 
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