In a week were the countries leading banks have been given a stark warning by the Taoiseach Leo Varadkar and the Minister for Finance Paschal Donohoe over the recent tracker mortgage scandal, it seems chiefs at the disgraced money lenders could have further incentive to refund those wronged by the scandal if one leading TD has his way.
The scandal which has seen a Government hearing along with a series of threats is showing no signs of blowing over anytime soon as many within the Dail seem hell bent on rectifying the embarrassing scandal as quickly as possible.
Although both Mr Varadkar and Mr Donohoe have issued threats that will affect the banks financial gains if the situation isn’t addressed quickly, one opposition TD has gone a step further by issuing a threat that will surely raise the eyebrows of those sitting at the top table in the nations biggest banks.
According to The Irish Mirror the TD in question who isn’t afraid to pull any punches when it comes to punishing those who wrongfully overcharged thousands of mortgage holders by illegally switching their terms Michael McGrath, has proposed that all banking executives involved in the scandal should have their hefty wages tarnished if mortgage holders don’t recieve an apology and refund anytime soon.
Mr McGrath who is Fianna Fail’s finance spokesperson recently told the Dail that top chiefs at the institutions should have their wages cut it they don’t face up to their responsibilities and admit to their wrong doings which have drastically affected thousands of lives.
The outraged TD also said the move could be justified as the state still holds major shares in the vast majority of banks involved.
Although Mr McGrath’s private members Bill would have to be approved by those in the Cabinet, it could potentially see those at the top of the scandal receiving their just deserts as their salaries which are in excess of €300,000 being dramatically reduced.