Dan Boyle (Cork South Central, Green Party)
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Question 516: To ask the Minister for Finance if his Department's attention has been drawn to the practice by certain financial institutions of frontloading interest payments on mortgage loans; the extent to which this practice existed; and the measures which exist for consumers to retrieve overpayments that may have resulted; and if he will make a statement on the matter. [1142/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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My Department is not aware of any practice by financial institutions with regard to the calculation of interest charges on mortgage loans, other than those already investigated by the financial regulator, that has given rise to instances of over-charging of customers.

However, where a borrower has a concern with regard to the calculation of interest or other matters relating to a mortgage loan or would like to make a complaint, he or she should contact the institution involved and explain the problem. If they are still not satisfied, they can refer the complaint to the Financial Services Ombudsman at: Financial Services Ombudsman, 32 Upper Merrion Street, Dublin 2. The telephone No. is 1890 88 20 90 or (01) 662 0890, www.financialombudsman.ie. Additionally, the financial regulator has issued an independent consumer guide to mortgages and also provides information to consumers through its helpline, available on 1890 77 77 77. If the Deputy has any specific information in relation to this issue, it should be made available to the financial regulator for further investigation.