Judge denounces tracker mortgage scandal as ‘matter of truth and justice’

In a follow-up to his January column, in which he called for whistleblowers to help prosecute banks which overcharged thousands of Irish mortgage-holders, he calls on the banks to make amends.

The Irish Examiner separately reports that Judge McNulty once fell victim to overcharging himself, losing out to the tune of €17,000.

In his column, the judge aims fire at “the appalling and unconscionable delay by the banks in making full amends to wronged customers”, suggesting that they “don’t have the will, or any compulsion to do so”.

Acknowledging that there is “a convention that judges should not involve themselves in political or controversial matters”, he argues that his “duty as a citizen, to my fellow citizens, suffering injustice, and worse, exceeds my obligation to the judicial convention”.

Judge McNulty goes on to hint that banks could be threatened with the revocation of their banking license if they fail to act.

He writes: “If a bank enjoys the privilege of a banking licence from this State, then there is a duty on the bank to conduct all its business ethically. Leaving customers suffering for years while awaiting restoration of trackers and compensation breaches that duty.

“Someone in authority needs to tell the banks that once more, with feeling and with intent. There is an urgent need to defend and vindicate the rights of our citizens against a small number of corporations which at this stage are quite clearly out of control.”