Upcoming Events

National | Economics and Finance

no events match your query!

Blog Feeds

Cedar Lounge
For lefties too stubborn to quit

offsite link 48 hours 18:54 Mon Sep 24, 2018 | WorldbyStorm

offsite link Incorrect soundbites on the housing situation? 12:40 Mon Sep 24, 2018 | WorldbyStorm

offsite link A second Brexit referendum? 10:31 Mon Sep 24, 2018 | WorldbyStorm

offsite link Left Archive: Irish Socialist No. 229, May 1982, Communist Party of Ireland 05:00 Mon Sep 24, 2018 | irishonlineleftarchive

offsite link Damning with faint praise? 12:38 Sun Sep 23, 2018 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

NAMA Wine Lake

offsite link Farewell from NWL Sun May 19, 2013 14:00 | namawinelake

offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

offsite link Of the Week? Sat May 18, 2013 00:02 | namawinelake

offsite link Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake

offsite link Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake

NAMA Wine Lake >>

Tracker Mortgage Scandal- Banks Should Be Publically Run

category national | economics and finance | press release author Tuesday October 24, 2017 23:21author by pbp - People Before Profit Report this post to the editors

Press Release - People Before Profit - Oct 24 2017

The Irish banks are repeat criminal offenders. Back in the 1980s, the banks helped thousands of wealthy customers to avoid their taxes in what became known as the DIRT scandal. Brian O'Boyle writes.

The DIRT scandal involved bank managers telling staff to pretend their customers were living overseas. AIB were particularly guilty of this offence eventually paying 90 million back to the Revenue Commissioners. Even when they were caught the banks illegally moved tens of millions of pounds to the Isle of Man and the Channel Islands.

During the 1970s a branch of Guinness and Mahon Bank was used to help 179 people to avoid their taxes using fake Cayman Island accounts. Charles Haughey was one of the clients, as was the father of the current Minister for Foreign Affairs Hugh Coveney.

The Central Bank knew about his scam but chose to do nothing about it. The whole affair only came to light when the Moriarty Tribunal started considering corruption payments to Charles Haughey and Michael Lowry. No one went to jail, however.

This latest scandal involved banks allowing people to come of tracker mortgages but then refusing to put them back on to them again. This, despite having a legal agreement to do so. So far 17,000 cases have been identified, but there could be 30,000 or more.

Tragically, 23 people have lost their home after being illegally refused access to their tracker mortgage. A further 79 Buy-To-Let properties have also been seized.

The Irish Central Bank knows about this for well over two years. The banks were told to offer compensation back in 2015, but they have dragged their heels and refused to budge. Most of these banks only exist because Irish taxes bailed them out.

The banks cost us millions but rather than being grateful they bullied and harassed people onto more expensive mortgage products. These banks are guilty of crime and corruption on an industrial scale. The offending banks should be wound down and banking should be done by a public institution dedicated to the public good.

Related Link: http://www.pbp.ie/tracker_mortgage_scandal_banks_should_be_public...y_run
© 2001-2018 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy