Pearse Doherty (Donegal, Sinn Fein)
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134. To ask the Minister for Finance the way in which Article 5 of the European directive on unfair terms in consumer contracts, Directive No. 93/13, is factored into the Central Bank's investigation into tracker mortgages; and if he will make a statement on the matter. [15831/17]

Michael Noonan (Limerick City, Fine Gael)
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The Framework for Conducting the Tracker Mortgage Examination (published in conjunction with the report providing a further update on the Examination of Tracker Mortgage Related Issues on 23 March) provides that in the course of the Examination, the lender is to determine whether or not in all circumstances it has complied with its consumer protection regulatory obligations arising pursuant to the following:

- Code of Practice for Credit Institutions, 2001;

- Consumer Protection Codes, 2006 and 2012;

- Code of Conduct on Mortgage Arrears, 2010 and 2013, specifically the relevant tracker mortgage related provisions;

- Consumer Protection Act, 2007; and

- Any other applicable legislation.

The Framework for carrying out the Examination does not prescribe the specific regulations or code requirements that the lender should consider when conducting its review.  The Central Bank expects lenders to consider all relevant financial services and consumer protection legislation. As part of the framework, lenders are required to ensure that they complete a review of their mortgage loan books to assess compliance with both contractual and regulatory requirements relating to tracker mortgages to ensure the fair treatment of mortgage customers.

Lenders are also required to appoint external independent third party assurers to oversee the Tracker Examination and to ensure that it is being carried out in line with the Central Bank's Framework for the conduct of the Tracker Examination.