Pearse Doherty (Donegal, Sinn Fein)
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72. To ask the Minister for Finance when the persons affected by the tracker mortgage scandal will receive full redress and compensation; and if he will make a statement on the matter. [16435/17]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank requires lenders to complete the Tracker Mortgage Examination in four phases, being:

- Phase 1: Development and Submission of Detailed Plan;

- Phase 2: Information Gathering/Review/Report Submission;

- Phase 3: Calculation of Redress and Compensation (where relevant); and

- Phase 4: Implementation of Redress Programme (where relevant).

It is critical that each lender carries out a thorough, comprehensive and robust review, which achieves fair outcomes for all customers. Therefore, while significant progress has been made, due to its scale and complexity, it will take some further time to complete the Examination.

The Central Bank has indicated that Phase 1 of the Examination is now complete.

Phase 2 of the Examination is ongoing. As at December 2016, nine lenders have submitted Phase 2 reports. The remainder are still engaged in their Phase 2 reviews and interim reports/status updates have been provided as appropriate. The Central Bank has invoked its powers to set specific timelines for lenders to complete Phase 2 of the Examination, the last of which will be completed by no later than end September 2017. By this date, the Central Bank expects all lenders to have identified all impacted accounts and have commenced engagement with most impacted customers. While the Central Bank expects that Phase 2 will be completed by end September 2017, payment of redress and compensation and the Central Bank's assurance will continue beyond this point for some lenders. The Central Bank expects lenders to commence Phase 3 and 4 as impacted customers are identified.  However, it is important to note that Phases 3 and 4 (calculation of redress and compensation and implementation of the redress programme) can run concurrently with Phase 2.

In all, approximately 9,900 customer accounts have been identified as impacted by lenders as part of the Examination as at end February 2017. The vast majority of customers identified to end February 2017 have already been contacted and rates have been rectified on more than 90% of the accounts requiring such rectification. In some of these cases, redress and compensation has also been completed. To end February 2017, approximately €78 million has been paid in redress and compensation to approximately 2,600 impacted customers arising from the Examination.