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Dáil
‹ Questions on Promised Legislation

Tracker mortgages and mortgage courts

Summary

Deputy McDonald asked whether the promised mortgage-arrears legislation would address tracker mortgage scandals and white-collar crime by banks. The Taoiseach said legal advice was awaited on the mortgage Bill and he would confirm whether tracker issues would be included.

The legislative programme published yesterday contains a commitment to introduce the mortgages special court Bill or courts (mortgage arrears) Bill. Will that Bill contain measures that will tackle the scandal that is the banks' handling of tracker mortgages? We have a situation where in excess of €100 million and probably closer to €200 million has been stolen from the pockets of hard-pressed citizens. Every single major bank in the State is implicated.

They took money from customers they should not have taken from. Not alone did they do that, but they also took the homes of a number of those families. More than 100 individuals have lost their family homes and others have been bankrupted. What has happened is unbelievable and yet for years the Central Bank did not pick up on it. Banks that we own-----

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Deputy-----

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----- fought customers when they tried to raise the issue in the public domain. When they took it to the Financial Services Ombudsman, Permanent TSB, which the State owns, fought them in the High Court.

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I thank the Deputy. The time is up.

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When the High Court ruled that it agreed with the Financial Services Ombudsman and customers, the bank chose to appeal to the Supreme Court.

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I thank the Deputy. The time is up.

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Now is the time to introduce white-collar crime measures to ensure that bankers know they will face the full rigours of the law if they take such action again. Will those measures be included-----

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The Deputy is way over time. Please.

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----- in the Bills I have mentioned when they come before the Dáil?

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Enda Kenny The Taoiseach Fine Gael

The Deputy mentioned a number of measures. I understand the Attorney General has given some detailed advice in respect of the mortgage Bill being prepared. The outcome on that is awaited. I will communicate with the Deputy as to whether the issues relating to tracker mortgages will be included in that mortgage Bill.

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