Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Central Bank of Ireland published a report providing an update on the Examination of Tracker Mortgage Related Issues on 23 March.

As set out in the report/update, as at end February 2017,

- approximately 9,900 customer accounts have been identified as impacted by lenders, as part of the Examination;

- lenders have commenced contacting the identified impacted customers and have rectified the interest rates applied to such impacted customers’ accounts, thus stopping further detriment (as at the date of the Report, interest rates have been rectified on more than 90% of the accounts that require such rectification;

- approximately €78m has been paid in redress and compensation to approximately 2,600 impacted customers identified as part of the Examination.

The Central Bank has been publishing updates as the Examination progresses and a further update will be published in autumn 2017.

Due to statutory confidentiality requirements, the Central Bank has advised that it may not publicly disclose much of its supervisory engagement with individual firms. In particular, the Central Bank can, generally speaking, only disclose such information in summary or aggregate form, so that individual firms cannot be identified. The Central Bank has to be careful that any public disclosures made by it do not breach its statutory confidentiality requirements or prejudice any ongoing or possible future supervisory or enforcement actions. It is a matter for each individual lender to decide whether or not to disclose provisions made in respect of the Examination.