Fianna Fail has hit out at the Central Bank for failing to protect vulnerable mortgage holders.

The news comes after it emerged that the Central Bank has not imposed a single sanction on banks for failing to honour the mortgage arrears rule book, despite evidence of breaches occurring.

The party's spokesperson for finance, Michael McGrath, said he was seriously concerned at the "hands off" approach of the Central Bank.

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Deputy McGrath said: "In a Dáil reply to me this week, the Minister for Finance has confirmed that the Central Bank has never issued a sanction against a bank for breaching the Code of Conduct on Mortgage Arrears (CCMA).

"I find this to be absolutely incredible in view of the fact that, over the past eighteen months alone, the Financial Services Ombudsman has fully or partly upheld 30 complaints from consumers about their treatment by financial institutions under the CCMA."

(CD/JP)