Michael McGrath (Cork South Central, Fianna Fail)
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30. To ask the Minister for Finance the position regarding the Central Bank’s tracker mortgage review; the number of mortgages involved in the review; the number of persons who have received redress and compensation to date; if he is satisfied that the independent appeal systems put in place by the banks are sufficient for aggrieved customers; and if he will make a statement on the matter. [23535/17]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the Central Bank of Ireland published a report providing an update on the Tracker Examination on 23 March.

As the Central Bank has set out in the report:

- approximately 9,900 customer accounts had been identified as impacted by lenders, as part of the Examination, as at end February 2017;

- lenders had commenced contacting impacted customers identified as at end February 2017 and had rectified the interest rates applied to such impacted customers’ accounts, thus stopping further detriment; as at the date of the Report, interest rates had been rectified on more than 90% of the accounts that require such rectification;

- to end February 2017, as set out in the report, approximately €78m had been paid in redress and compensation to approximately 2,600 impacted customers identified as part of the Examination.

The framework of the Examination provides that lenders should establish an independent appeals process to deal with customers who are dissatisfied with any aspect of the redress and compensation offers that they receive from lenders in respect of these matters. As the Central Bank Principles for Redress provide that all redress and compensation payments are made to customers on an upfront basis, customers can accept the redress and compensation offered and still make an appeal. In addition, the impacted customer has the option of bringing a complaint to the Financial Services Ombudsman or initiating court proceedings.

The Central Bank has advised that a further update will be provided on the Examination in autumn 2017.