Eamon Scanlon (Sligo-Leitrim, Fianna Fail)
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189. To ask the Minister for Finance the number of mortgage accounts identified by a bank (details supplied) in which the customer has been wrongly denied a tracker rate; the number of mortgage accounts in which the incorrect tracker rate is being applied; the number of such accounts which are in the pre 2006 cohort; the number of accounts in which the customer is still not on the correct tracker rate; and if he will make a statement on the matter. [45800/17]

Seán Haughey (Dublin Bay North, Fianna Fail)
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192. To ask the Minister for Finance if at his meetings with the banks and financial institutions he will raise the position of pre-2006 borrowers from a bank (details supplied) that are deemed to be not impacted in respect of tracker mortgages; if he will request the Central Bank and the bank to provide redress for these persons; and if he will make a statement on the matter. [45823/17]

Tommy Broughan (Dublin Bay North, Independent)
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194. To ask the Minister for Finance the instructions given by the Central Bank to a bank (details supplied) regarding tracker mortgages taken out pre-2006; and if he will make a statement on the matter. [45917/17]

Thomas Pringle (Donegal, Independent)
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198. To ask the Minister for Finance if persons that were moved from their tracker mortgage in a bank (details supplied) before 2006 will be considered in compensation or redress schemes; and if he will make a statement on the matter. [45948/17]

Eamon Scanlon (Sligo-Leitrim, Fianna Fail)
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202. To ask the Minister for Finance his views on whether it is the banks' sole discretion to decide the persons that are impacted by the tracker mortgage examination; his position with regard to the persons that are being excluded from the scope of the examination; if the pre-2006 cohort of persons (details supplied) will not be excluded from same; and if he will make a statement on the matter. [45966/17]

Clare Daly (Dublin Fingal, Independent)
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214. To ask the Minister for Finance if tracker mortgages taken out pre-2006 with a bank (details supplied) will be included in the Central Bank's review of tracker mortgages; and of persons that took out mortgages with the bank pre 2006 and that have been affected by the scandal will be offered redress and compensation. [46203/17]

Pearse Doherty (Donegal, Sinn Fein)
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250. To ask the Minister for Finance the way in which persons that were customers of a bank (details supplied) were offered tracker mortgages pre-2006 are being dealt with by the Central Bank in its examination; if these cases are included in the examination process; and if he will make a statement on the matter. [46924/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.

As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure they receive redress and compensation. These investigations by the Central Bank are statutorily mandated and can lead to significant sanctions. Therefore, as Minister for Finance, I must be cautious not to jeopardise any potential enforcement actions or prosecutions, and refrain from comment on any particular customer or group of customers whose case is under review as part of the ongoing process.

I met with the Central Bank and each of the relevant banks during the week of 23 October, to receive an update on the tracker mortgage examination, and make it very clear that this Government is determined that the banks resolve this matter as quickly as possible.

Following these meetings, all the banks have committed to working with the Central Bank to fully meet its requirements.  This will likely result in further affected customers being identified.  I expect this aspect of the examination to be finalised as soon as possible so as to minimise the uncertainty for such customers, and for redress and compensation for those further customers to swiftly follow.

The tracker examination is the largest and most complex supervisory investigation undertaken in the context of the Central Bank's consumer protection mandate, involving the review by lenders of more than two million mortgage accounts.

The Central Bank has advised me that the ongoing examination requires lenders which offered tracker interest rate mortgages to their customers to review all mortgage accounts from the date when the lender commenced offering tracker interest rate mortgages until 31 December 2015. The review encompasses all mortgages in respect of both Private Dwelling Houses and Buy-to-Let properties that i) originated on tracker interest rates; ii) had tracker interest rates applied at any stage during the term of the underlying mortgage agreements; and/or iii) where the underlying mortgage agreements provided for contractual rights to or options for tracker interest rates at any stage during the term of the agreements.

The Central Bank issued a statement following our meetings, which an be read here:

Details on the examination framework can be found here:

The Central Bank's regular updates can be found here: .

AIB have provided me with the following information:

"The tracker examination programme is ongoing and is subject to the final agreement and approval of the Central Bank.

The review, working at all times within the Central Bank framework, identified issues relating to contractual matters, inadequate levels of transparency and poor quality customer information.  

AIB is advanced in the review and  has redressed and compensated the majority of identified impacted customers.

(1)  Customers no longer on a tracker

- At the end of September 2017 AIB had identified 3,416 customers who were not on the tracker mortgage rate to which they were entitled. 91 % percent of these have had their trackers restored (to an average tracker margin of 1.2%) and have also been redressed and compensated. The remaining cases will be completed by the end of the year.

- The bank estimates a further 170 cases will be identified by the end of the year and these have an estimated completion date of end Q1 2018. 

(2) Customers on a higher tracker margin

- During the review AIB also established that some customers, who remained on a tracker mortgage, were incorrectly charged a higher tracker margin.

- The majority of these were impacted for a short period of time and by up to €500.

- Two thirds of these customers will be redressed and compensated by the end of this year, with the remainder to be completed by the end of Q1 2018.

From December 2015 the review has been conducted in accordance with the Central Bank framework and independently assured by KPMG. The programme includes putting customers back on the correct rate, refunding, compensating, and access to an independent appeals process."