James Browne (Wexford, Fianna Fail)
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60. To ask the Minister for Finance his views on the fact that most appeals of offers to customers who lost out on tracker rates with a bank (details supplied) have been dismissed; his further views on whether this is fair; and if he will make a statement on the matter. [32260/16]

Michael Noonan (Limerick City, Fine Gael)
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In the case of the bank noted even though customers may accept full redress, they retain the right to appeal the matter to appeal panels established for that purpose.  The bank has informed me that there are two appeal panels, an Independent Appeals Panel for loss of ownership cases and cases which have ever been the subject of legal action and a Customers Appeals Panel to deal with all other appeals.

I have been informed by the bank that over 90 per cent of customers impacted in the Mortgage Redress Programme have accepted and received their redress and compensation and that as of September 2016 86 per cent of impacted customers have not appealed the redress and compensation offered to them. Of the 14 per cent of customers who appealed the relevant appeals panel decided that additional redress or compensation was due to 23 per cent of those customers.  The Deputy should also be aware that those customers whose appeal was unsuccessful have the right to appeal to the Financial Service Ombudsman or to the Courts.

While I cannot comment on the outcomes of individual appeals I believe that the process established by the bank is extensive as it allows a right to appeal through a variety of mechanisms and allows for redress and compensation to be accepted by the customer while still retaining a right to appeal.