I was on the road for work much of the day yesterday, did manage to tune in but not to update the thread.
It was a long hearing, LONG hearing. Much of it going around in circles. From speaking to 2 members of the committee in person last night, they actually fully understand the concepts of the examination that the Central Bank are undertaking. The issue was that they were trying to find a way to ask the questions so that they would get more information and answers for us, the customers. So while it felt like they were going around in circles they were trying to extract key points.
For me, the most important nugget of information was that the Central Bank has said that the banks have it within their power to redress accounts right away. They can't direct the redress. The holdup from their perspective is the compensation package but there is no reason why redress can't happen from their side.
In my situation, and in many of others, redress is the priority. If customers could receive redress immediately, with compensation and other payments to follow, it would take a huge amount of pressure off. That's the message that I gave to the 2 committee members last night and that's the message I'll continue to communicate.
The "Stop any further harm" clause in the Central Bank guidelines is not fit for purpose because it allows the banks to prolong the harm.
There's been a lot of talk about giving new powers to the Central Bank or legislation to push the issue to resolution expeditiously. The wheels of the Oireachtas turn too slowly for all of us. It may prevent a similar issue from happening again in the future but that's no help to us now.
The only way that we can move this forward is to continue to tell our stories, keep it in the public eye, and continue to highlight the injustice to the member of the houses of the Oireachtas.
If anybody else feels willing to tell their story and would like to be put in touch with journalists please let me know. There are quite a number across all the publications looking to speak with you and help you communicate how the tracker scandal has affected you and your family.