Written answers

Tuesday, 15 January 2019

Department of Finance

Tracker Mortgage Examination

Photo of Michael LowryMichael Lowry (Tipperary, Independent)
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186. To ask the Minister for Finance if his attention has been drawn to the fact that persons (details supplied) affected by the tracker mortgage scandal in the case of a bank have been deemed not to be impacted by the tracker mortgage scandal and the bank has excluded them from receiving redress and compensation; if this is common practice across the banking sector; and if he will make a statement on the matter. [54368/18]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank’s Tracker Examination is focused on ensuring that lenders provide fair outcomes for all groups of customers impacted by tracker related failings. The Examination requires all lenders, which offered tracker interest rate mortgages to their customers, to review all mortgage accounts, including accounts in arrears, to identify any tracker related failings both from a contractual and transparency perspective.

The Central Bank has indicated that, as at end August 2018, lenders have identified circa 38,400 impacted customers. However, following the reviews conducted by lenders, certain customers have been deemed as not impacted under the Examination. Where customers are deemed as not impacted under the Tracker Examination by lenders, they can make a complaint to the lender concerned and if they are not satisfied with the outcome of their complaint, they can bring a complaint to the Financial Services and Pensions Ombudsman.

While the Central Bank does not have a statutory role in investigating individual consumer complaints, the Bank has indicated that it uses information it receives directly from consumers to guide the scope of its broader supervisory work; however, the Central Bank advises that it is not in a position to comment on it supervisory engagement with individual firms. Regarding the progress of the industry wide Tracker Examination, the Central Bank indicates that a further update report will be published in early 2019.

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