Professor Philip Lane:

Yes. That is a very important message which bears repeating as often as possible. We hear about people who receive an offer and fear that somehow cashing the cheque inhibits them in taking other action. The very clever design of the scheme does not in any way inhibit them in taking further action simply because they have cashed the cheque.

If the scenario outlined by the Deputy falls within the definition of a tracker mortgage, it illustrates that the tracker mortgage universe includes price promise tracker mortgages, in respect of which there will always be a fixed margin above the ECB rate. The rates can also vary over time in line with the bank's funding conditions. The latter departs from what we colloquially understand is meant by the term "tracker". In that case we would have to examine the individual contract. In general, however, if someone believes his or her arrangement is not satisfactory compared to what he or she was promised and he or she can recount how his or her bank dealt with him or her, that provides material for an appeal. The person concerned absolutely can cash whatever has been offered and still pursue the appeals mechanism. The ombudsman and the courts are also available.