Garda Report On Anglo Delayed

Opposition party Fine Gael has criticised the government after it emerged a Garda file on the investigation into the Anglo Irish Bank had still not been submitted.

Following a Fine Gael Front Bench meeting, the Party Finance Spokesman, Michael Noonan, challenged the Minister for Justice to tell the public when the Garda file would be sent to the Director of Public Prosecutions.

He said the slow pace of progress in this investigation was in stark contrast to investigations in the United States where almost 50 prosecutions had already been secured in the various investigations into financial wrongdoing in the banking sector.

Speaking today, Mr Noonan said: "Not one person has been prosecuted yet in Ireland for their actions in helping to wreck our banking system. He expressed concern that the reason for the slow pace of progress was down to a recognition of the lack of political will within government for progress to be made."

Deputy Noonan went on to call for an interim report to be produced by the Director of Corporate Enforcement to help restore some public confidence into that aspect of the investigations into corporate malpractice at the top of the banking sector in Ireland.

Meanwhile, the Financial Services Ombudsman strongly criticised what he called "unwarranted and unsolicited" moves by banks to entice people away from low-rate tracker mortgages.

Ombudsman Bill Prasifka said his office had witnessed a sharp rise in the number of complaints relating to banks offering financial inducements to customers in return for switching mortgage contracts.

The cost to banks of tracker mortgages has risen significantly during the financial crisis as the interest on loans is fixed at a set margin above the European Central Bank base rate, which no longer reflects the banks' own borrowing costs.

"It is very hard to see how banks trying to entice people off their tracker mortgages were acting in the best interest of their customers," Mr Prasifka said.

Publishing his annual reporting for 2009 today, the ombudsman said the recession had seen "explosive increase" in the number of complaints over the selling of investment products.

(DW/KMcA)