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SOCIAL BOOKMARKS

Thousands more tracker mortgage scandal cases expected to be revealed

Thousands of more cases of customers caught up in the tracker mortgage scandal are expected to be revealed this week.

It is understood banks have until close of business today to submit updated figures on the controversy.

The Irish Times reports this may exceed the 30,000 level, including more than 7,000 cases resolved in 2010.

Minister for Finance Paschal Donohoe is expected to publish an update on progress on Wednesday.

Brian Hayes MEP today said the tracker mortgage scandal could raise supervisory concerns which would force the ECB to take action against Irish banks.

The Chair of the ECB’s Supervisory Board, Daniele Nouy, confirmed in a letter to Mr Hayes that if banks are required to pay substantial compensation to customers, this would raise concerns for the ECB.

“The ECB confirmed that it cannot investigate conduct supervision issues in banks; that is a job for the Central Bank of Ireland. The ECB is tasked to investigate the health of banks’ balance sheets from a systemic risk perspective," Mr Hayes said.

“While there are no current indications that this scandal could represent a systemic threat, there are still a lot of questions about the full extent of the scandal. The Central Bank is continuing its investigation," he added.

“What is really important at the end of this process is that there are answers for all those who were affected. Separately, I have asked the European Commission to investigate the scandal from a competition perspective and to see whether banks colluded together, acting as a cartel.

"The Commission is currently monitoring developments related to the issue and has encouraged whistleblowers to come forward if they have information about the activities of the banks.

“We still have not had an adequate explanation from banks and that is a problem. Until we got get proper answers, I think that trust in Irish banking will continue to suffer,” he added.