Banks 'must be controlled', Oireachtas Finance chair says

John McGuinness, Chair of the Oireachtas Finance, Public Expenditure and Reform Committee has called for more powers for the Central Bank to ensure it can sanction the banks.

He told RTE radio’s Today with Sean O’Rourke show that the banks “must be controlled”.

He was responding to the final report of the Central Bank on the tracker mortgage scandal which was released on Tuesday.

Mr McGuinness rejected a claim by former MEP Brian Hayes, who is now head of the Banking and Payments Federation Ireland, that “bank bashing is the new group think”.

“It's an expression of frustration by ordinary people at the manner in which they are being treated by the banks,” said Mr McGuinness.

Bank bashing has not resulted in any changes or improvements.

The Central Bank must have its powers extended so it will have the remit to force banks to admit that what they did was wrong, he said.

“The banks must be controlled.”