Call for European Central Bank to oversee tracker mortgage compo

The European Central Bank has been urged to return to Ireland to oversee tracker-mortgage compensation plans, as the opposition claims not enough is being done to address the crisis.

The intervention request was made to ECB president Mario Draghi by Fianna Fáil TD and finance committee chair John McGuinness amid claims that the Government, because of its bank shares, and the Central Bank will fail to fully address what happened.

In a letter to Mr Draghi, Mr McGuinness said “independent oversight” is still needed. However, Finance Minister Paschal Donohoe has confirmed that the Central Bank may ultimately impose €10m fines on each of the banks involved.