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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: How many of these agents does the Central Bank regulate? How many are there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: There are eight authorised. Can a list of those be supplied to the committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: What does Professor Lane think of the fact that these firms have decided not to come before an Oireachtas committee despite of the fact that his organisation regulates them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: We do not have any.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Will Professor Lane tell them that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Will Professor Lane relate to them that we are on to them and want them here before us?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Will Ms Rowland go through those headings again? If a customer loses a house valued at €200,000, what is the Central Bank expecting to happen?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: With the house worth €200,000, what can the customer expect?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Before the witnesses finish that matter, is it not the case that there are other things? There are vouched expenses.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: We are going to have another round of questions but we are obliged to take a break at this stage. I suggest we take a break until 2.15 p.m. Did Senator Conway-Walsh want to ask about something specific?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: We will resume with Deputy Michael McGrath.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: I will follow up on the very same point on the action of the Central Bank in regard to Tanager and Start Mortgages. The cases that have ended up in court would have caused a considerable amount of difficulty, trauma and unnecessary actions for the borrower, and left many people quite distressed. In the context of this, how will they be compensated for what has happened to them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: No, is it within the remit of the Central Bank to deal with such things to that extent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: All I am asking is whether the Central Bank has the power to deal with it beyond just that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: That is fine. That is what I wanted to know. I asked earlier about credit servicing firms. On the list, the total number of transitional credit servicing firms is three and the total number of authorised credit servicing firms is eight. Will the witnesses explain what are transitional credit servicing firms?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: With regard to the eight listed, we have been writing to Pepper Asset Servicing as a firm that gives management services. I do not see it listed here among the eight.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: So it is an authorised agent.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: What is the separate list Ms Mitchell is speaking about?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

John McGuinness: Can we get a list of those also? How many other lists of these firms does the Central Bank have?

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