Clare Daly (Dublin Fingal, Independent)
Link to this: Individually | In context | Oireachtas source

108. To ask the Minister for Finance his views on the case of a person (details supplied); the steps he will take to ensure that banks do not apply higher interest rates than they should to tracker mortgages after mortgage holders have been through a tracker mortgage redress scheme. [45144/17]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy is aware, the Central Bank is conducting an industry wide examination of tracker mortgage related issues. As part of this process, the Central Bank has set out a framework for conducting the examination and the principles for lenders when issues are identified for redress. The Central Bank also requires lenders to provide robust independent assurance work be undertaken by an external independent party in relation to all aspects of the examination. While the Central Bank does not have a statutory role in investigating individual consumer complaints, it nevertheless indicates that information on specific cases which are brought to its attention will be used to inform it of its work on the tracker mortgage examination.

It should be noted, however, that the tracker mortgage examination framework also provides for the establishment of an independent appeals process and that any impacted borrower who is not happy with any aspect of the redress and compensation received, including the margin that they receive from their lender, can make an appeal to the Appeals Panels. While the Central Bank expects lenders’ reviews to deliver fair outcomes for customers, the Bank believes that the appeals process is a very important part of the overall framework to ensure that there is an independent and transparent process in place, for any impacted customer. It is important also to note that should a customer be unhappy with the outcome of the Appeals Panel's review, the customer still retains the right to take their case to the Financial Services Ombudsman without risk to any initial offer of redress and compensation that they may have received from their lender. Customers also retain the right to initiate legal proceedings before the courts should they so wish.