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Dáil
‹ Order of Business

Alleged unlawful bank interest charges

Summary

Peter Mathews calls for an investigation into alleged unlawful interest overcharging by Anglo Irish Bank and IBRC, including loans now handled by NAMA. The Chair prevents a debate, and the Taoiseach says the matter is before a United States court and regulators.

Under secondary or subsidiary legislation, will the Government ensure the Central Bank of Ireland, the liquidator of IBRC and NAMA, all of whom are involved, undertake an immediate and thorough investigation of the situation highlighted in the Delaware court case in the USA of widespread illegal overcharging of interest on borrowers' loans by Anglo Irish Bank-IBRC to a sum in the order of €1.2 billion over 14 years? Although the practice of illegal calculation of the interest rate applied has ceased, as the liquidator explained, rolled up capitalised interest on loans, which may go back over eight to ten years, is contaminated by the charges applied to the loans in earlier years and, therefore, the loan has-----

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Michael P. Kitt An Leas-Cheann Comhairle Fianna Fáil

We cannot have a debate on it. This is the Order of Business.

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It is very important because NAMA is selling loans with this contaminated interest.

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Enda Kenny The Taoiseach Fine Gael

It is before the courts in the United States. The rest of it is a matter for regulators. I have read the report on what was presented to the court. Obviously, it will make its decision very soon.

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