Another 5,000 cases could be added to the tracker mortgage scandal, according to the financial expert who helped expose the scandal.
Padraic Kissane warned that more lives are being ruined as he predicted 5,000 new cases on top of the 33,700 officially accepted by the Central Bank, whose probe into the €1bn scandal continues.
Numbers of cases can not quantify the irreversible damage done to families throughout Ireland, he said.
“The tentacles of this octopus spread everywhere,” said Mr Kissane.
He has heard of suicides and attempted suicides as he listens to harrowing stories in his office, as well as health issues directly related to the stress.
He predicted thousands more cases to come from AIB-owned EBS, Ulster Bank’s former standalone First Active unit, KBC Ireland, and Bank of Ireland.
At the Oireachtas finance committee, Mr Kissane said:
Mr Kissane said:
Mr Kissane demanded that the scandal stay on the political agenda because there is a danger of ‘tracker fatigue’.
“There could be at least another 5,000 cases outstanding, and while tracker fatigue could become a factor, it is vitally important for all those families who as yet are deemed not impacted — by the banks, I might add,” he said,
A “large cohort” of customers even now remain on the wrong mortgage rate, he claimed. He estimates €700m was taken by the banks from affected customers during the period of the scandal.
Mortgages should never be complicated but the banks had consistently obfuscated and persuaded vague terms in their favour, causing more anguish, he said.
International ratings agency, DBRS, has estimated that the cost to banks could exceed €1bn when the final bill is settled.
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