Culture change urgently needed in Irish Banks – McGrath

–       No individual accountability at Permanent TSB for tracker scandal –

A major change in culture that puts the interests of customers at the centre of decision-making is what is most needed in Irish Banks, according to Fianna Fáil Spokesperson on Finance, Michael McGrath TD. 

Deputy McGrath was speaking after the Central Bank confirmed that it is imposing a fine of €21m on Permanent TSB for its failures in the tracker mortgage scandal. 

He commented, „The most striking thing about today’s announcement from the Central Bank is that yet again there is no individual accountability for Permanent TSB’s scandalous treatment of some of its customers. It is depressing that the Central Bank has again failed to hold anyone accountable for the tracker mortgage debacle.

„If this is repeated across the Central Bank’s other tracker-related enforcement investigations, many customers will feel totally let down.

„A monetary fine is all well and good, but we all know the customers of the bank will end up picking up the tab by one means or another. I note in recent days the bank announced increases in certain current account fees. The human cost of the tracker scandal for the customers impacted is incalculable in many cases. 

„There are many outstanding tracker cases that remain unresolved. Some of them are in what might be described as ‚a grey area’ given the ambiguity in the mortgage documentation. I would like to see the Minister for Finance and the Central Bank explore the option of using the revenue from the tracker fines to establish a fund to support the customers in category.

„We also now need government to prioritise the legislation to give effect to the recommendations in the Central Bank’s ‚Behaviour and Culture of the Irish Retail Banks’ including the introduction of a senior executive accountability regime.”

Fianna Fáil  

Michael McGrath TD 
Spokesperson on Finance 

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