Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The lack of timelines is a worry and in his statement issued yesterday the Governor said he expected that lenders will have identified and commenced engagement with impacted customers by mid-2017, along with payment of redress and compensation. However, if a person is on a variable rate of 4% and should be on a tracker rate of 1% for a mortgage of €200,000, he or she will pay approximately €500 per month more in interest than they should be paying. People are facing into January, a difficult month, and then February, March and April and while the bank in question and the Central Bank know they are on the wrong rate, we cannot tell them how long they are going to wait.