Ken O'Flynn (Cork North-Central, Independent Ireland Party)
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394. To ask the Minister for Finance if he has received a referral or request from the Tánaiste and the Minister for Enterprise, Trade and Employment following an oral question to him on 5 November 2025, regarding unresolved tracker mortgage legacy issues; if he has sought or received assurance from the Central Bank of Ireland that all tracker mortgage accounts, including legacy and closed accounts formerly held by banks (details supplied) have been fully and forensically reviewed; the number of residual cases, redress amounts outstanding, and any further enforcement actions contemplated by the Central Bank; and if he will make a statement on the matter. [62162/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I can confirm that the matter the Deputy raised with the Tánaiste in Dáil Éireann on 6 November 2025, and which is the subject of this question, was referred to me for attention.

It is accepted that tracker mortgage failings by lenders has caused significant distress and, in some cases has had devastating consequences, for their affected customers.

The Central Bank of Ireland has advised that following engagement and intervention with a number of lenders prior to 2015, when it became clear that tracker related issues could be industry wide, it launched the Tracker Mortgage Examination in 2015.

The Tracker Mortgage Examination was the largest, most complex and significant consumer protection review ever undertaken by the Central Bank of Ireland. It involved an initial review of more than two million mortgage accounts by lenders.

The aim of the Tracker Mortgage Examination was to put in place a framework that ensured lenders identified and put impacted customers back in the position they would have been in if the lenders’ failings had not occurred.

This required lenders to examine the extent to which they met their contractual obligations to tracker mortgage customers and to examine the transparency of their communications with customers in relation to tracker related issues.

The Tracker Mortgage Examination was designed in a way which allowed affected customers, after they had received redress and compensation, to continue to have options to appeal. This could be done to the Financial Services and Pensions Ombudsman and to the courts.

Over the course of its work, the Central Bank of Ireland produced regular progress updates and published its final Supervisory Report in 2019. This is available on its website. It also concluded seven enforcement investigations against lenders with tracker mortgage failings.

The Central Bank of Ireland advises that, at end June 2025, circa 42,000 customer accounts were impacted across all 11 lenders in the Tracker Mortgage Examination. Circa €749m has been paid in redress and compensation to impacted customers.

The Central Bank of Ireland also advises that more than 99% of redress and compensation due to impacted customers identified in the Tracker Mortgage Examination has concluded and compensation has been paid. Remaining cases are understood to be due in the main to uncontactable customers.

The Central Bank of Ireland has also indicated that it continues to monitor the outcomes of any complaints, appeals and court cases and has communicated to lenders the expectation that they must fully consider whether any individual customer issues arising could have the potential to impact more widely.