Sinn Féin spokesperson on Finance Pearse Doherty TD says the €100 million fine against Bank of Ireland is a shocking indictment of a banking culture that harmed customers without any threat of individual accountability.
Teachta Doherty was reacting to the €100.5 million fine handed down to Bank of Ireland by the Central Bank over its handling of its tracker mortgage customers. It is the largest fine issued by the Central Bank, following “significant and long-running failings” in respect of 15,910 tracker mortgage customer accounts.
Deputy Pearse Doherty said the harm caused to customers ranged from overcharging to the loss of 25 family homes.
He criticised the bank for having “little regard for the devastating impact their actions had on their customers.”
He said: “This harm was inflicted even during the Tracker Mortgage Examination, with its failure to comply with ‘Stop the Harm Principles’ leading to the loss of seven family homes.
“To date, Bank of Ireland has been forced to pay out €186 million in compensation.
“No corporate fine or compensation can ever reflect the damage that has been caused to families and borrowers as a result of the bank’s actions.
“To date not one banker has been held to account for this scandal.”
In January 2017, Sinn Féin passed a motion in the Dáil calling for individual accountability for bankers. In 2018, the Central Bank called for a similar individual accountability regime.
Deputy Doherty said: “More than five years later and the government is still to pass legislation that would hold senior executives to account more than four years after the Central Bank called for it.
“Corporate fines are no substitute for individual accountability, and until borrowers and bankers know that bad behaviour will lead to real accountability, banking culture will not change.”