Séamus McGrath (Cork South-Central, Fianna Fail)
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462. To ask the Minister for Finance when the ECB drops the tracker rate, for non-bank entities, when are these financial institutions required to drop the tracker rate to the customer. [58181/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank of Ireland's Consumer Protection Code provides that a regulated entity must notify affected personal consumers of any change in the interest rate on a loan. This includes the date from which the new rate applies.

In the case of a mortgage with a tracker interest rate, a regulated entity must provide the notification no later than ten business days after the change in the underlying rate being tracked.

The date on which the interest rate adjustment on a tracker mortgage will take effect is determined by the relevant terms of the individual mortgage contract.

If a personal consumer considers that the interest rate adjustments on a tracker mortgage are not being implemented in line with the regulatory framework or relevant mortgage contract, the borrower should raise the matter directly with the regulated entity.

If the matter cannot be resolved the borrower has the option to submit a complaint to the Financial Services and Pensions Ombudsman.