Pearse Doherty (Donegal, Sinn Fein)
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156. To ask the Minister for Finance the way in which persons due to earn compensation and redress through the tracker examination are treated in circumstances in which they have separated since the misselling occurred; and if he will make a statement on the matter. [9322/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has advised that as part of the Tracker Mortgage Examination framework, where customer detriment has been identified, the Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line with its prescribed "Principles for Redress".  

An important part of the Examination Framework is the requirement for lenders to establish independent Appeals Panels to deal with customers who are not satisfied with any aspect of the redress and compensation offers that they receive from lenders. In circumstances where lenders make an offer of redress and compensation in respect of a mortgage held jointly by two or more borrowers, the offer will be made payable to all parties to the mortgage jointly.  All parties to the mortgage and the offer of redress and compensation will be entitled to appeal any aspect of the offer to the Independent Appeals Panel(s). Where it is not possible for a co-borrower to obtain the consent of all co-borrowers to the mortgage, the Central Bank has set its clear expectation that this will not serve as a barrier to customers wishing to appeal and such an appeal can proceed on an individual basis. In such circumstances, any award arising from the appeal will be made payable to all parties to the mortgage. This appeals process is additional to the options of bringing a complaint to the Financial Services and Pensions Ombudsman or initiating court proceedings.

Pearse Doherty (Donegal, Sinn Fein)
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157. To ask the Minister for Finance the way in which compensation under the tracker examination process takes account of money and time spent in the insolvency process; and if he will make a statement on the matter. [9323/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has advised that its Tracker Examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by tracker related failings both from a contractual and transparency perspective.  

As part of the Examination framework, where customer detriment has been identified, the Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line with prescribed Principles for Redress. The provision of redress is intended to return impacted customers to the position that they would have been in had the relevant issue not arisen and the compensation, which is to be reasonable, must reflect the detriment involved arising from and/or associated with being on an incorrect rate. Such compensation is to reflect the specific circumstances of each impacted customer.  

An important part of the Examination Framework is the requirement for lenders to establish independent Appeals Panels, specifically to deal with customers who are not satisfied with any aspect of the redress and compensation offers that they receive from lenders. The appeals process is additional to the options of bringing a complaint to the Financial Services and Pensions Ombudsman or initiating court proceedings. Importantly customers can also accept the redress and compensation offered and still make an appeal to the independent appeals panels. Customers’ rights to make appeals to the Financial Services and Pensions Ombudsman and through the courts are also preserved.  

For debtors who are involved in the statutory insolvency frameworks, the assets and income of such debtors will fall to be considered in the context of the particular framework including, where applicable, the particular terms of any debt settlement or personal insolvency arrangement   entered into by a debtor (utilising the services of a personal insolvency practitioner) with his/her creditor(s).