Pearse Doherty (Donegal, Sinn Fein)
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111. To ask the Minister for Finance the number of mortgage holders that have had their tracker mortgages restored to date as a result of the investigation ordered by the Central Bank or previous to this; and if he will make a statement on the matter. [38486/16]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the Central Bank is undertaking an examination of tracker mortgage related issues. 

The Central Bank has indicated that certain lenders have over the past number of years restored tracker mortgage rates to certain customers. Lenders have referenced publically restoring approx. 3,500 customers to tracker rates. Notwithstanding the work previously undertaken to restore customers to tracker mortgage rates, the Central Bank remained concerned that there may be other tracker-related issues which could be impacting on consumers across the system and as such it decided that a system wide review was necessary.  This Central Bank examination is covering among other things transparency of communications with and contractual rights of tracker mortgage customers.

All lenders are currently carrying out internal reviews of their mortgage books, to identify any customers who may have been impacted by a failure to honour a customer's contractual entitlements, or comply with the regulatory requirements regarding disclosure and transparency of information.

While all lenders are currently in the process of carrying out their internal reviews it is important to note that some lenders may have their internal reviews completed sooner than others depending on the size of their mortgage books and the complexities associated with them completing the examination.

The Central Bank has informed me that it will provide an update on progress on the examination before the year end and as part of this update it will be publishing figures on impacted customers identified to date.  The Central Bank has also indicated that it can provide a copy of this update to the Deputy.