Central Bank a “Smoke Screen” for Banks Daly

Fine Gael TD for Cork South West has expressed his outrage at today’s announcement by the Central Bank in relation to protecting people in mortgage arrears, he said the Central Bank continues to be a “smoke screen” for the Banks and that it is inexcusable that they would not publish the number of mortgages in arrears that were switched from tracker to variable rate as part of a long term solution to their mortgage arrears.
The Fine Gael TD first raised this issue with finance Minister Michael Noonan on July 1st 2014 when he was informed by the Minister “ The Central Bank has advised me that they do not publish the information requested by the Deputy.”

Subsequent to this Mr. Daly spoke to a senior official in the Central Bank who after much debate undertook to produce the data requested.

Five months on with still no information prevailing from the Central Bank Mr. Daly requested a meeting with the Central Bank and met with senior officials of the Bank on the 6th of November 2014. At this meeting of three bank officials and Mr. Daly’s Parliamentary Advisor a senior official again undertook to gather the data requested as part an of an overall review of the lenders compliance with the code of conduct on mortgage arrears.

Mr. Daly said today after the publication of the report “I am bitterly disappointed with the Central Banks ongoing refusal for over 12 months at this stage to publish the number of mortgages in arrears that were switched from tracker to variable rate, what have they to hide?. In this day of openness and transparency I find completely unacceptable that the highest regulatory authority in the land in relation to financial transactions cannot gather the simplest of data and publish it in the public interest. Based on my on-going communications with the Central Bank I can only arrive at the conclusion that the Central Bank exists to protect the institutions as opposed to the general public who are borrowers and customers of the main lenders.”

Mr. Daly concluded by saying that he has requested time from the Ceann Comhairle to raise this issue in the Dail both yesterday and today and he has no intention of letting the matter rest until the number of transferred accounts which is referred to as “zero” by the Central Bank is officially made public.