Dáil Éireann Debate, Wednesday - 18 November 2015
26. Deputy Pearse Doherty asked the Minister for Finance the status of the Central Bank of Ireland’s investigation into tracker mortgage infringements by banks; the number of banks being investigated, and where issues have been found; and when the investigation will be completed. [40344/15]
View answerLast month the Central Bank announced publicly that it had commenced a broad examination of tracker mortgage related issues including, among other things, transparency of communications with, and contractual rights of, tracker mortgage borrowers. It is currently developing an appropriate methodology for this examination, which includes engaging with consumer groups as well as the Financial Services Ombudsman to ensure that the review addresses the Central Bank's concerns. The Central Bank also informed me that it had written to all mortgage lenders (i.e. both credit institutions and retail credit firms which are currently lending and those which have ceased lending) advising them that it has embarked on this broader review. However, the Central Bank made clear that it is not in a position at this stage to indicate how long it will take for the examination to be completed. The Central Bank will publicly update on progress in mid-December. In addition, the Central Bank also informed me that it continues to deal with lender-specific issues in relation to this matter.
