Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 1 and 2 together.

The Central Bank has advised me that in its most recent update of progress on the tracker mortgage examination, which was published last month, approximately 13,000 impacted accounts were identified as at the end of September through the industry-wide Central Bank examination. Prior to the examination, the Central Bank ensured a further 7,100 cases involving tracker mortgage issues were rectified and remedied.

Given the size and complexity of the task, the system-wide examination is taking time to complete. The Central Bank has advised that lenders are at varying stages of the process and that they are being challenged by the bank where the Central Bank is not satisfied with their reviews or redress and compensation proposals. All relevant lenders have now provided phase two reports to the Central Bank. However, the Central Bank's assurance work is ongoing and it is expected that additional accounts will be identified as this work progresses. As the Deputies will be aware, since last month's Central Bank update, Bank of Ireland has now agreed to include 6,000 additional accounts within the scope of the tracker compensation scheme.

Some lenders have commenced payment of redress and compensation to impacted customers, and the Central Bank expects that all remaining lenders will have implemented their redress and compensation programmes by the end of the year, with the majority of impacted customers receiving their redress and compensation by then. The Central Bank's priority continues to be to ensure that lenders identify all customers affected by their unacceptable failings and that they pay appropriate redress and compensation. The Central Bank will continue to pursue lenders accordingly, in line with the framework of the examination. The timing has not changed. The Central Bank will provide me with a further update report in mid-December on progress in relation to the tracker examination.

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