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

We have discussed the cashback issue previously and I have a different view on it. I am not a great fan of cashbacks as I feel they serve to camouflage high mortgage rates and it is very difficult for consumers to weigh up where the best long-term value lies as the picture can be quite confusing. Can the bank provide us with apro forma, or an anonymised version, of the information it provides to new mortgage customers who take up a cashback offer?

I know that new rules are coming into effect from the Central Bank from January 2019. The Central Bank did a review of mortgage-related advertising recently which had a focus on cashbacks. It looked at 183 different advertisements and found 75% of cases not to conform with the consumer protection code of 2012 and EU consumer mortgage credit agreements. Three quarters of the advertisements had to be either amended or withdrawn because key information was not provided, some of the content was inaccurate and some websites were not up to date. Was Bank of Ireland involved in that? Did it have to amend or withdraw some advertisements relating to these incentives following the Central Bank's review?