Michael Healy-Rae (Kerry, Independent)
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152. To ask the Minister for Finance if he will address a matter (details supplied) regarding tracker mortgage examinations; and if he will make a statement on the matter. [37911/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Tracker Mortgage Examination is the largest most complex and significant supervisory review that the Central Bank has undertaken to date in the context of its consumer protection mandate and involved an initial review of more than two million mortgage accounts by lenders to identify the number of "in scope" accounts.  The Examination continues to be a priority for the Central Bank. 

As set out in its most recent update report on the examination of tracker mortgage-related issues as published last March:-

(), the Central Bank invoked its powers under Section 22 of the Central Bank (Supervision and Enforcement) Act to set specific timelines for  lenders to complete Phase 2 (the “Review Phase”) of the Examination.  In line with those timelines, the Central Bank expects the vast majority of impacted customers to be identified by lenders by end September 2017.  However, as the lenders’ reviews are subject to assurance work by the Central Bank, it is possible that additional impacted accounts may be identified post this date.  The Central Bank has and continues to challenge lenders through a combination of bilateral engagements and on-site assurance work to ensure that this Review Phase is completed as quickly and accurately as possible.  Lenders are currently at varying stages of their reviews and the Bank continues to challenge them to ensure that deadlines for completion are met.

The Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to all impacted customers in line with prescribed principles for redress developed by the Central Bank. The timeframes for progression of the redress and compensation programmes vary from lender to lender, however, the Central Bank remains focused on challenging lenders to ensure that they are progressing redress and compensation and that impacted customers are treated fairly. Some lenders have already commenced redress and compensation programmes and these programmes, along with the Central Bank’s assurance work, will continue beyond September 2017 for some lenders.

Much of the information requested by the Deputy is lender specific supervisory information.  However, I am advised that the Central Bank is not in a position to comment on individual lenders due to confidentiality requirements under Central Bank legislation.  Nevertheless, as indicated above, in overall terms the Central Bank published a comprehensive update report in March 2017 and the Central Bank advises that a further update report on the Examination will be issued later in the autumn.