TRACKER MORTGAGE EXAMINATION
Interesting comments made by Padraig Kissane yesterday at the Oireachtas Finance Committee’s examination of the banking sector and tracker mortgage issue. Mr Kissane gave accounts of his experiences dealing with various lenders regarding his work on behalf of customers relating to the restoration of their tracker interest rate, redress and compensation. Mr Kissane’s also gave accounts of customer experiences which were welcomed by the committee as this voice is not often heard in a forum such as this.
It is interesting to note the different experiences Mr Kissane and customers are having with the banks tracker mortgage appeals panels, the FSO and the Courts. These accounts are useful insight for Lenders and the Central Bank with whom it is noted Mr Kissane is in regular contact with. It was also noted that a number of Lenders are working at a slower pace to resolve customer accounts meaning that there are customers who have not had their interest rate restored i.e. the harm has not stopped. Finally, Mr Kissane was asked what the government should be doing to get this issue resolved to which it was suggested bringing each CEO before the committee on a quarterly basis.
Mr. Padraig Kissane is described by the committee as expert in the area of tracker mortgages and has cases under review with most of the big Irish lenders. The fair treatment of tracker mortgage debtors has been a key policy focus for the Committee.
Mr Kissane’s Opening Statement : Click Here
Oireachtas Finance Committee Membership:
Chairman: John McGuinness TD (Fianna Fail)
Vice-Chairman: Senator Gerry Horkan (Fianna Fáil)
Peter Burke (Fine Gael);
Michael D’Arcy (Fine Gael);
Pearse Doherty (Sinn Féin);
Michael McGrath (Fianna Fail);
Paul Murphy (AAA);
Seán Sherlock (Labour)
Paddy Burke (Fine Gael);
Rose Conway-Walsh (Sinn Fein);
Kieran O’Donnell (Fine Gael)
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