The tracker scandal was described as “outrageous” and the “largest scam ever perpetrated” by the banks on their customers, a leading mortgage campaigner claimed today.

David Hall has claimed that the banks conspired in what he says is the “largest financial consumer rip-off ever”.

The chief executive of the Irish Mortgage Holders Association said the scandal is much worse than is being reported and may involve upwards of 45,000 people.

He said: “Banks talk about mortgages it dehumanises; the number of people involved 13,000 is upwards of 45,000 people directly affected. Important to put that in context.

“This is outrageous carry on, outrageous behaviour, overseen by a regulator who is completely impotent in relation to dealing with this matter.

“We now need to separate finally the consumer protection which is the statutory responsibility of the Central Bank away from supervision of banks.”

And he said that appeared that it was a “miracle” that up to 15 banks were involved in the same shady practices at the same time.

He told Pat Kenny’s Newstalk show: “It was a miracle that so many lenders terminated a tracker product at the same time and they all interpreted their tracker documents as being exactly the same legal definition.

FOD solicitors Cork Galway Dublin
Irish Mortgage Holders Association Director David Hall

“No doubt there was collusion. It is beyond any reasonable doubt that, or beyond any belief by any logical sensible person, that such a massive cover up could have just happened.”

Following the Leo Varadkar’s announcement that the bank bosses will meet the Finance Minister next Monday Mr Hall described the Taoiseach’s intervention at this late stage as “laughable”.

He tweeted: “This is actually laughable . Public outcry = mouthing by government. Silence for years which customers robbed & tortured. Crocodile tears.

Adding in another tweet: “Ah wow what a dramatic move . Very little very late ! Largest financial consumer rip off ever.”

Meanwhile it emerged today that the cost of tracker mortgage scandal may reach €500m as some of the banks have still not come clean about the true amount of loans affected.

The Financial Services Ombudsman is appealing to those who were forced off their tracker mortgages to wait for the Central Bank review to finish leading to accusations that he is being soft on the lenders.

Ombudsman Ger Deering is urging those who were moved off trackers to work through the ongoing process.

He observed: “I do appreciate that it is taking time and that it is frustrating and very difficult for people. But the best [and fastest] way of getting an outcome to this is to work through the Central Bank process.

“If at that stage they’re not happy with what has come out of that process, then they can come to us with a complaint.”

If you are having issues with regard to the tracker mortgage scandal and would like some assistance then please don’t hesitate to get in contact with Fin at or phone: Dublin 01 6854458     Cork 021 4204122     Galway 091 782181.