While the Tánaiste has been away, the issue of tracker mortgages has dominated debate in the House. It has added another chapter to the ever-enlarging book entitled Wrongdoing by Irish Banks. One always knows when a story is getting too hot and uncomfortable for certain institutions when their spin doctors tell them not to do interviews and to go to ground. We reached that stage of the story this morning when none of the banks would make themselves available for interviews on radio. Their silence is indicative of the fact that they know their actions are and were indefensible.

Banks are not above the law and they are not entitled to disregard proper principles of corporate governance. That is particularly true in this instance because the very same banks benefitted from the people of this country making the decision to bail them out when their previous over-speculation and reckless lending had the effect of causing a banking collapse. The news that the majority of banks in Ireland were engaged in fraudulently increasing mortgage rates for people on tracker mortgages first came into the public domain approximately seven years ago. Faith was put in the Central Bank to resolve it, but that faith, unfortunately, was misplaced. We were supposed to have a report in 2015 but all that has happened since is that some AIB customers have had their rates corrected and some in other banks have had that as well as receiving some compensation. The pace is far too slow.

This story was brought to a heightened level when the finance committee invited individuals to give their personal stories as to what had happened to them in their lives as a result of the fraudulent behaviour of the banks. We got a further example of that today on the radio when Ms Caitríona Redmond was interviewed and explained what had happened to her as a result of the banks moving her off a rate to which she was entitled. She told listeners to the radio this morning that she had to pay an extra €500 per month, which was an excessive amount of money for any person and which had a significant impact on her ability to deal with her household expenses. She also said it took from 2010 to December 2016 to get the bank to correct her rate. Like me, she has little faith in the banks' claim that they will be able to deal with this issue by June of next year.

I do not hold the Government responsible for the reckless behaviour of the banks, but it is responsible for the State's response. I am afraid that the response of the State and the Government to date has been pathetic. We were told initially by the Minister for Finance that he would name the banks, which obviously really scared them. We were then told last week by the Taoiseach that he was losing patience with the banks. Yesterday, the Minister for Finance said he will hold the banks responsible and to account. What is the Government going to do in respect of this issue? Is legislation going to be introduced and if so what will it provide for? Mention has also been made of the State playing the role of activist shareholder at meetings of banks in which it holds shares. What resolutions will it put down? Does the Tánaiste trust the banks to deliver on what they have committed to or does she share my cynicism about them?

In relation to this sorry saga, trust has to be earned by the banks. At this point, the people's trust has been deeply shattered. Like Deputy O'Callaghan, my thoughts this morning are with each family that has been impacted by this issue. While the numbers involved are in the thousands, the impact is felt at a personal level. It has been heartbreaking for countless families across the country who have suffered endlessly. Some families have lost their homes, others have suffered various terrible mental health stresses, marriages have been affected and there have been years of unnecessary pressure on people who were doing their best to invest in their own futures. What we need to do and what the Government has done is reassure those families that it is determined to find a solution for each of them.

The Minister for Finance has met with the banks and set down clear deadlines for action so that those families will, at the very least, have the money owed to them repaid and receive compensation where appropriate with the banks absolutely and totally being called to account. That is what he has been involved in over the last number of days in his meetings with the banks and the Central Bank. Deadlines are now in place by which these issues must be addressed and the Minister has made it very clear that if there is any delay, the Governor of the Central Bank has been asked to come back and report on progress by mid-December. The Minister has made it clear that if those deadlines are not met, a range of actions are open to him which he will not hesitate to take. He has outlined the potential actions, some of which Deputy O'Callaghan mentioned. They include further legislation, if that is deemed necessary, taxation initiatives, levies and so on. The Government is determined first that the priority is for the people who have been most impacted on the frontline to have a speedy resolution.

While I welcome the Tánaiste's empathy, the families need more than empathy and reassurance. They need a statement from the Government as to what it is going to do. All we have received from Government to date are statements of intent and attempts to frighten the banks, which have manifestly failed. People need to be told and, in particular, the banks must be informed as to what the Government intends to do. At present we have vague threats and indications of what steps may be taken.

In her response, the Tánaiste mentioned that legislation may be introduced, the tax code changed, or levies imposed. People need specifics. We have gone past the stage of issuing threats to the banks. Threats do not work with the banks. We must take action. It is only in this House and on the part of Government that action can be taken. Without that action, we are letting down the individuals concerned. As opposed to statements from the Minister for Finance, the Taoiseach or the Tánaiste, can we have some specifics as to what the Government intends to do? She mentioned, for instance, that legislation will be considered. What legislation is she talking about? The people are entitled to know.

What is needed is action to ensure that the people who have suffered most - those families who have been so impacted by this scandalous behaviour - get redress. That is what the Government is focusing on over the next number of months to ensure there is a speedy response for these families. That is the action which has clearly been taken. What we have now is a deadline for dealing with these issues. The banks will continue to be under pressure to provide accurate information on the numbers and how they intend to deal with this. The action that has been taken is to ensure and insist that the Governor of the Central Bank prepares a report on the progress between now and early December, which is only a number of weeks away, on the action by the banks. That supervisory and monitoring role will provide a report to Government in early December. Depending on the outcome of the report and the actions of the banks, the Minister has indicated the actions he may feel are necessary to strengthen the powers of either the Central Bank or the Minister and he has made it very clear that, as a shareholder, he will take action if these results are not forthcoming by December.