Tracker mortgage fraud - Make it personal

The hedgehog defence — roll up into a ball and do nothing — is a standard ploy in Irish life. Any institutions robust enough to endure an immediate scandal knows that once the eye of the storm passes normal service can pretty much resume.

This policy has worked, to some degree at least, for the Catholic church, the Garda and any number of beleaguered public figures. But most of all it has worked for the banks.

One scandal after another, Ansbacher, off-shore accounts, interest rates far above the EU norm, reckless lending that beggared the State, the destruction of wealth, especially pensions, have had little or no consequences for bankers.

And why shouldn’t they use the hedgehog defence? The State has shown a reluctance— a pathetic deference really — on these issues.

Finance Minister Paschal Donohoe is to meet bankers today to discuss a redress scheme for the tracker mortgage scandal.

The first item on the agenda for that meeting should be the imposition of a daily fine on bankers not publicly-owned banks — one that will double each month until the issue remains unresolved.

It’s time to make it personal.