Martin Heydon (Kildare South, Fine Gael)
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41. To ask the Minister for Finance the status of the review of tracker mortgage complaints particularly for mortgage holders that have been waiting months for an update and a review; and if he will make a statement on the matter. [50887/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As per the Central Bank’s Tracker Mortgage Examination status update of 17 October last, approximately 13,000 impacted accounts have been identified as at end September through the Examination, the majority of whom will receive their redress and compensation before the end of the year. Prior to the Examination, the Central Bank ensured a further 7,100 cases involving tracker mortgage issues were rectified and remedied.

Given the size and complexity of the task, the Examination is taking time to complete. Lenders are at varying stages, and are being challenged by the Central Bank where the Bank is not satisfied with a lender's review or redress and compensation proposals. All relevant lenders have now provided Phase 2 Reports to the Central Bank. However, the Central Bank’s assurance work is ongoing and it is expected that additional impacted accounts will be identified as this work progresses.

Some lenders have commenced payment of redress and compensation to impacted customers. The Central Bank expects that all remaining lenders will have implemented their redress and compensation programmes by the end of the year, with the vast majority of impacted customers receiving their redress and compensation by then.

The Central Bank’s consistent priority remains to ensure that lenders identify all customers affected by their unacceptable failings and pay appropriate redress and compensation. The Central Bank will continue to pursue lenders accordingly, in line with the Framework for the Examination (.).  The Central Bank will provide a further update in the progress report that will be submitted to me in mid-December.