Shamed banks need to change their modus operandi to restore confidence

According to Albert Einstein, conviction before investigation is the highest form of ignorance. But after more than 13 years of probing and dissecting, it’s safe to say the Tracker mortgage scandal has sent Irish banking to a poisonous low.

This is quite an achievement following a crash in which Irish workers bailed out tens of billions of euros worth of banks. They added a fatal insult to a compound injury.

So you can imagine that one of our larger prisons would have a new addition to house those useless spendthrifts whose nimble fingers were so adept at taking from this island’s families what did not belong to them.

So far, however, no one has felt the long arm of the law on their collar or spent time in prison.

The €100.5million fine imposed on the Bank of Ireland for its nefarious role in the saga could ease some of the wounds that have been hurting since this story broke in 2009.

But, like many other banks, it makes a multiple of this amount about every six months.

It is now known that there has been relentless overloading and a loss of 327 households across the industry. As things stand, trackers have fined almost €279 million against seven lenders subject to an enforcement investigation.

Will this atone for the misery and hardship that so many have endured in agony after trying to keep a roof over the heads of their loved ones?

Thousands of Irish thought they were playing by the rules.

What they didn’t know, because they were never told, was that the rules were being changed – to their detriment.

So why have banks made it so difficult for people? The answer must be because they could.

So the question has to be: can the central bank guarantee that something like this will never happen again?

It has certainly taken its time to respond since suspicions were first raised.

It wasn’t until 2015 that our financial watchdog got lenders to do the industry-wide review of their mortgage books.

They were instructed to see how many customers had been wronged.

It eventually turned out that there were 41,000 cases across all lenders.

But half of this was only brought to light when lenders were thrown into the limelight.

The banks made a serious miscalculation when speculating on the profits of trackers.

But it got monstrously monstrous with their decision that the customer should pay.

From now on, the central bank must insist that lenders honor their commitments even when circumstances have changed.

We need to see it enforce values ​​that serve and benefit the public and not just the bankers.

Clearly, as we’ve learned, doing something right takes less time than explaining why it was done so terribly wrong.

https://www.independent.ie/opinion/editorial/shamed-banks-must-change-their-ways-to-restore-faith-42027826.html Shamed banks need to change their modus operandi to restore confidence

Fry Electronics Team

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