Michael Fitzmaurice TD has called on the Central Bank and the Financial Regulator to order Banks to let customers switch back to tracker mortgages from current fixed rate packages.
“The Banks are once again doing what they please and must be called to order by the Regulator” said the Roscommon Galway Independent TD. “The news this week that banks are refusing to put people back on tracker mortgages, after admitting they were wrong to change them in the first place, is shocking but hardly surprising given the behaviour of the banks over the years. The Central Bank and the regulator must now step in and order the banks to restore these people to their tracker mortgage”
Deputy Fitzmaurice went on to say “The banks are once again dictating the rules which would indicate that we have learned nothing at all from the financial crash. Here we have a situation where the banks have admitted that they were wrong to take people off tracker mortgages yet they are refusing to restore them. The Central Bank and the Financial Services Ombudsman must step in now and force the banks to to this bullying and sharp practice.
“It was a lack of regulation in the banking industry that was partly to blame for the collapse of the economy and now the banks are acting as if they are running the country once again. They cannot be allowed to get away with it and they have to be called to order immediately” concluded Michael Fitzmaurice.