Dessie Ellis (Dublin North West, Sinn Fein)
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16. To ask the Minister for Finance for an update on the Central Bank’s tracker mortgage investigation, including an update of the number of cases being investigated by financial institutions and a timeline for its conclusion; and if he will make a statement on the matter. [17525/16]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Central Bank examination of tracker mortgage related issues covers all lenders which offered tracker mortgages to customers, including both for the family home and investment properties from when the lenders started to offer such mortgages, up to the end of 2015. 

The purpose of the Examination is to identify any cases where:

- customers' contractual rights under the terms of their mortgage agreements were not fully honoured; and/or

- lenders did not fully comply with the various requirements and standards regarding disclosure and transparency for the customer.

The Central Bank has stated that each lender is required to conduct a comprehensive and robust review of its mortgage book, which achieves a fair outcome for all customers. While the Central Bank wants to have the Examination completed as soon as possible, it also recognises that this is a significant undertaking for lenders and it is important that they are given the necessary time to complete it. As such, I have been informed that it will be some time before the final number of impacted customers is known. Nonetheless, I understand that the Central Bank expects significant progress to be made by all lenders before the end of 2016 and has affirmed that the examination will remain a priority for as long as it takes to address all issues and deliver the right outcomes for customers. In addition, the Central Bank has confirmed that during the Examination all lenders are to establish a dedicated unit to deal with any queries, complaints, and/or concerns that customers may have during the course of the Examination. Nonetheless, I have been informed by the Central Bank that if a customer has a tracker related query they should continue to contact their lender through the regular contact channels. As the Deputy will know, the Central Bank will be providing public updates on their website throughout the Examination. I understand that the next update is due to be issued at the end of July.