Gardai have been called in to investigate money-grabbing banks over the tracker mortgages scandal.

It has been confirmed by the Central Bank that it is now liaising with the gardai, Financial Services Ombudsman (FSO) and the Competition and Consumer Protection Commission (CCPC) as part of their examination of the controversy.

The bank has identified 13,000 accounts where customers were deliberately not given their proper lower tracker rate mortgages, resulting in up to 100 families being thrown out of their homes when they couldn’t keep up with the inflated repayments.

It’s estimated that the total number of accounts that will emerge as having being overcharged will top 30,000 before the end of the scandal.

Governor of the Central Bank Philip Lane and his officials were grilled before the Oireachtas finance committee over their role in policing the banks during this ongoing overcharging scandal.

However, the financial watchdog was criticised as ineffective and was branded as “a dog with no bark” by Sinn Féin finance spokesman, Pearse Doherty, as so many people are still struggling to get justice from the banks.

FOD Solicitors Cork Galway Dublin
Sinn Fein Spokesperson on Finance Pearse Doherty TD speaking to media on the plinth at Leinster House Dublin (Image: Collins)

But it emerged during the day-long meeting that the Central Bank have now gotten the gardai involved.

This followed committee member Catherine Murphy TD telling the Irish Daily Mirror that the behaviour of the banks in their overcharging was a form of theft and that the gardai should crack down on the banks immediately.

“This seems to me nothing short of thievery,” Ms Murphy said.

“In any other such circumstances you would expect the Gardaí to be investigating the people within banks who deliberately engaged in these overcharging practices that have come to light. “Those individuals have to be held accountable.

“The only way the grossly unjust overcharging on tracker mortgages will be resolved is to punish the bad behaviour of banks and bankers who have engaged in these practices.”

Governor Lane insisted the probe was “the largest, most complex and significant conduct review” undertaken by the bank to date.

“We recognise the hurt and damage the actions of lenders have caused for many borrowers,” he said.

“This is evident in the calls we receive to our helpline and the powerful testimony from the individual borrowers that appeared before this Committee last week.

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Taoiseach Leo Varadkar (Image: Gareth Chaney Collins)

“We are pushing the limits of our powers to ensure affected customers are remedied appropriately,” he insisted.

But he raised concern that two lenders, unnamed, may have failed to identify populations of impacted customers or failed to recognise that certain groups of their customers had been affected by their failures.

“We are of the view that some of these customers have in fact been affected and, accordingly, are entitled to redress and compensation.

“We have challenged the two lenders on these issues and they will report back to us by end of October,” Mr Lane added.

He accused “certain lenders” of falling “materially short” of the Bank’s expectations in relation to the issue of redress and compensation.

He said they had failed to offer compensation “for certain impacted cohorts of customers or offered unacceptably low offers of compensation”

If you have experienced trouble in relation to the recent tracker mortgage scandal and would like some help then please don’t hesitate to get in contact with Fin at or phone: Dublin 01 6854458     Cork 021 4204122     Galway 091 782181.