EU: EC ‘monitoring’ tracker mortgage overcharging issue

The European Commission is “monitoring developments” in the tracker mortgage overcharging issue in Ireland but is not yet in a position to open an investigation.

Maria Velentza, director of the Competition Directorate-General of the Commission, said it is following the Central Bank’s examination of the mortgage market. Ms Velentza was responding to a complaint alleging collusion by the Irish banks in overcharging customers by Fine Gael MEP Brian Hayes. Mr Hayes complained that the banks were acting “as a cartel to restrict competition by controlling mortgage rates and sharing the Irish mortgage market.”

Ms Velentza said the Commission took these views “very seriously” but that, in the event any evidence could be provided of anti-competitive behavior, it would be the Competition and Consumer Protection Commission (CCPC) which would investigate at first instance.

“We do not currently have any information, neither from the Central Bank’s investigation nor from other sources, which would indicate that Irish banks actively colluded in this matter. If you have more detailed information in this respect we would invite you submitting it directly to the Irish Competition and Consumer Protection Commission,” she said.

Full Content: Irish Times

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