Trackers: Banks need to ‘fess up and fix’ scandal

The Taoiseach has warned the banks they will face tougher new laws should they fail to quickly and adequately compensate tracker mortgage customers.

Leo Varadkar said the failure of the banks to properly address the plight of 13,000 plus customers has “undermined” the State’s rebuilding of the banking system.

Speaking to the Irish Examiner, Mr Varadkar said: “The slow response of lenders has undermined the Government’s efforts to restore trust in the banking system. They need to fess up and fix it. We do not rule out new regulations and new taxes if we don’t see a step change in their response.”