Central Bank: 'No amount of money can put right the wrong' tracker mortgage scandal did to victims

Central Bank: 'No amount of money can put right the wrong' tracker mortgage scandal did to victims

The Finance Minister Paschal Donohoe has said he "deeply regrets" that more than 300 people lost their homes because of the tracker mortgage controversy.

The Central Bank's final report on the controversy shows more than 40,000 customers have been affected.

Nearly €700m in compensation has been paid out to date because people were not allowed to move onto cheaper mortgages.

Minister Donohoe says we need to learn the lessons of what happened.

He said: "I published a number of weeks ago legislation in relation to individual accountability within our banks to ensure that in the future if issues like this develop, we have the civil ability to hold individuals to account for what has happened.

"This is appalling, it is yet another example in which people have been let down and trust has been corroded."

The Central Bank has said no amount of money can put right the damage done by banks involved in the scandal.

The Central Bank's Derville Rowland said they have been offered compensation, but for many customers that will not be much comfort.

Ms Rowland said: "The report detailed an average payment of €194,000 to customers. but that's not representative of each individual case.

"We recognise no amount of money could put right the wrong that was done by the lenders and we expect them never to allow this to happen again."

More on this topic

Tracker Mortgage Scandal: Hundreds may find their complaints judged out of date Tracker Mortgage Scandal: Hundreds may find their complaints judged out of date

Concerns raised about bank timelines for tracker mortgage scandal Concerns raised about bank timelines for tracker mortgage scandal

Higher compensation granted in appeals of over 1,000 tracker mortgage casesHigher compensation granted in appeals of over 1,000 tracker mortgage cases

99 people lost their homes over tracker misery99 people lost their homes over tracker misery

More in this Section

Senior garda appointed to investigation into street attack on Muslim girlSenior garda appointed to investigation into street attack on Muslim girl

Beef industry talks conclude with some agreement but price still an issueBeef industry talks conclude with some agreement but price still an issue

More than €400,000 recovered in ATM theft investigationMore than €400,000 recovered in ATM theft investigation

Man accused of firework attack in Copper Face Jacks has bail conditions relaxed so he can work at Electric PicnicMan accused of firework attack in Copper Face Jacks has bail conditions relaxed so he can work at Electric Picnic


Lifestyle

Up your veggie curry game with this delicious recipe.How to make Jamie Oliver’s stuffed curried aubergines

Riccardo Tisci has unveiled his Tempest collection, featuring a diverse cast of models.Is this Burberry’s most inclusive campaign yet? See pictures from the autumn/winter shoot

In search of close animal encounters, Sarah Marshall joins ‘Bear Whisperer’ Gary Zorn on a new adventure in Canada’s Cariboo Mountains.Glamping with grizzlies: Would you spend the night camping with bears?

In Ireland, a cohort of exceptionally talented women are leading the way in the production of sustainable jewellery, crafting beautiful pieces with the minimum impact on our planet, says Paul McLauchlanThese gems really treasure our environment

More From The Irish Examiner