Catherine Murphy (Kildare North, Social Democrats)
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80. To ask the Minister for Finance if banks are never allowed to increase the interest margin over the ECB tracker rate beyond what was initially agreed with the customers unless they have a valid reason; and if he will make a statement on the matter. [2828/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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Provisions governing the setting and adjustment of interest rates are a contractual matter for the parties to a credit agreement and the contract usually sets out the circumstances in which the interest rate can be changed (including, if applicable, in circumstances where the interest rate is determined by a reference rate and any associated margin) over the duration of the credit agreement.  Therefore, subject to compliance with relevant consumer protection requirements, such as the Central Bank’s Consumer Protection Code and the Code of Conduct on Mortgage Arrears and other relevant consumer protection requirements, mortgage interest rates may be adjusted in line with the applicable contractual provisions.

If a consumer is are not happy with the way a regulated entity is dealing with them, they can make a complaint to the regulated entity and if they are not satisfied with the response received from their regulated entity, they have the option to bring a complaint to the independent Financial Services and Pensions Ombudsman.