27 Jun 2022

Offaly TD labels banks 'scandalous' in tracker mortgage fiasco

The banks are coming under increasing pressure

Offaly Fine Gael TD, Marcella Corcoran Kennedy TD has described the behaviour of banks in relation to removing people from tracker mortgages as "scandalous" and also believes that the banks are adding insult to injury by dragging their feet in solving the problem.

“There has been and continues to be a real human cost as a result of the banks’ disgraceful actions towards their customers. Some people have lost their homes, others have lost investment properties and aside from the financial cost there is of course the impact on people’s mental health and wellbeing," Marcella said.

"I am determined to ensure that people who have been affected should have their tracker mortgages restored and should be fully compensated without further unnecessary delay. I know from my discussions with my Government colleagues that they are losing patience with the banks," she added.

Marcella said that "the banks must offer acceptable compensation to those affected because the huge sacrifices made by hard working families made to meet inflated mortgage repayments can never fully be paid back."

"I know that the Minister for Finance, Paschal Donohoe TD, had a frank and constructive meeting with Bank of Ireland, KBC and PTSB yesterday and that meetings with AIB and Ulster Bank will follow in the coming days."

“It is incumbent on the banks to sort this mess out as soon as possible and allow families to get their lives back, the Offaly deputy concluded.

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