Central Bank ‘will pursue individuals’
THE Central Bank said it will pursue individuals responsible for the tracker scandal.
In a statement to the Irish Daily Mail, the watchdog said it would be pursuing ‘individual culpability’ amid growing calls for bankers to be held to account.
Last week Central Bank governor, Philip Lane, said the reason behind the scandal could have been a ‘cultural one’, but last night the Central Bank went further and said it is looking into all avenues of enforcement.
‘The Tracker Examination is ongoing, and the Central Bank’s first priority is to ensure that the responsible lenders provide fair outcomes for borrowers impacted by their unacceptable failings,’ a spokesman said.
‘The exam is underscored by our robust enforcement approach. All available enforcement and supervisory powers will be considered under this examination and all angles, including individual culpability, will be thoroughly investigated and analysed in the context of the legal framework.’
He added: ‘One enforcement action has already concluded, in which we fined Springboard Mortgages €4.5million – the largest fine ever collected by the Central Bank.
‘The Central Bank is currently pursuing enforcement investigations in relation to tracker mortgage-related issues arising in Permanent TSB plc and Ulster Bank Ireland DAC. Two further enforcement investigations into other lenders are in train, and it is anticipated that more enforcement investigations will follow.’