Now must be bankers turn to pay

IT has emerged that bankers will be hit for a billion euro at the end of the tracker mortgages scandal.

It’s sickening to think 30,000 borrowers were affected, many of whom lost their homes and in some cases people even took their own lives over the banks’ trickery.

The main lenders were caught overcharging mortgage holders over the past decade by not putting them back on cheaper tracker mortgages they were entitled to be on.

It emerged yesterday at the Oireachtas Finance Committee that the total cost of redress and compensation for the 33,700 customers identified so far will be €1billion.

The most shocking aspect of it is that less than half of the homeowners who can expect cash back have been paid.

The banks have only shelled out €316million so far, with another €600million scheduled for payment by the end of June.

It’s important the banks comply with the orders of the Central Bank and the courts now.

Sinn Fein finance spokesman and member of the Oireachtas finance committee Pearse Doherty singled out Ulster Bank for what he considers to be a tardy response to date.

For those who have lost their home or loved ones due to the scandal, no amount of money will heal the hurt the banks have caused.

Those in the banks who are responsible for this happening need to be held to account also.