Sinn Fein has hit out at the Central Bank after thousands of customers are being "ripped off" over the tracker mortgage scandal.

Senator Rose Conway-Walsh said the urgency and despair experienced by the thousands of people living through the nightmare must be reflected in the actions of the Central Bank.

He said: "I found the answers today completely unsatisfactory. Customers are being ripped off at this very moment and the bank seems unwilling or unable to enforce the powers at their disposal.

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"I asked a simple question of when an absolute deadline would be set for compensation to be paid to customers' accounts and I was told that this would be achieved 'sometime next year'.

"I asked how many inspections have been carried out on site at banks and if these were unannounced. I was told that due to practical considerations, prior notice had to be given so that files could be made available. This is simply not good enough for an investigation seeking to get to the bottom of a major financial scandal.

"The Central Bank must discuss the mechanisms for putting restrictions on the licences of these banks with the European Central Bank. It is obvious that the banks are not going to do the right thing unless they are compelled to do so.

"The time for persuasion is over now all of the instruments available to the Central Bank and the Governor must be used to address this scandal."

(CD/MH)