The Taoiseach has said that the Government is not ruling out further regulation, sanctions and taxation on the banks if they do not compensate people wrongly moved off tracker mortgages.

Speaking at the Fine Gael party presidential dinner in Dublin tonight, Mr Varadkar said the Government is frustrated at the lack of progress on the issue to date by the commercial banks.

Earlier this week, the Chairman of the Oireachtas Finance Committee John McGuinness said figures from some financial experts support predictions that as many as 30,000 people could have been wrongly removed from their tracker mortgages and moved onto a higher rate.

The current figure is 13,000 people.

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Asked if there should be resignations at the banks if they do not fully address this issue, Mr Varadkar said: "I think we need to see what happens next week. Minister [for Finance Paschal] Donohoe is going to meet with the heads of the banks. He’s going to speak to them and demand further action."

The Taoiseach said the Government is taking this issue very seriously and expects the payment of compensation to be under way at least by the end of the year.

Varadkar takes aim at Fianna Fáil leader

The Taoiseach also launched a blistering attack on Fianna Fáil at the event.

He said Fine Gael would not be lectured to by parties who claim to have a monopoly on compassion when they failed to show it during their own time in government.

"We all know which party took €16.50 a week off the carers, people with disabilities, the blind, the widows and the unemployed," he told party TDs, Senators and supporters.

The Taoiseach said Fine Gael was the party who had restored €10 of it and would fully restore it in future budgets.

He took aim at the Fianna Fáil leader Micheál Martin saying he had seen it all but has spent the last seven years learning to be the new kid on the block.

The Taoiseach paid tribute to the independent ministers in government saying their relationship with Fine Gael is founded on trust and he said he was committed to ensuring that this Government lasts.

Mr Varadkar also confirmed that he is seeking to change the time of his scheduled party conference speech next month because it clashes with the country’s World Cup play-off game against Denmark.

He said the vast majority of the country and the Fine Gael faithful would prefer to watch the match than listen to him.