Financial adviser: Banks' statements on tracker mortgages are more of the same

A financial adviser who has assisted customers who were taken off tracker mortgages has said the banks’ statements on the scandal have been “more of the same”.

He warned that he believes there are thousands more cases that could be identified in further reviews.

Padraig Kissane has advised those with loans to get their documentation together, and said there could be many people who were wronged and do not realise it yet.

He said the bank statements did not do enough to address those who have been caught in the scandal but have yet to be identified.

“They all read like more of the same, so much has been left out,” said Mr Kissane.

“There are two legs to this; the customers who have been identified and how long it will take them to receive redress. The other leg which is just as critical is the other cohort who have to be identified,” he said.

“There are customers who trusted the banks, who believe the bank always had done right by them who are now seeing what is in the media and Oireachtas and are realising that this may not be the case,” he said.

While the regulator has identified over 13,000 affected cases to date, Mr Kissane said he expects that number could double when further reviews find more accounts impacted and the scope of the investigation widens to other areas.

“When the Central Bank enters phase three of its investigation, I expect the numbers to increase.”