Dáil Éireann Debate, Tuesday - 17 January 2017
63. Deputy Thomas P. Broughan asked the Minister for Finance if he has made a complaint to the Garda Bureau of Fraud Investigation, the Director of Corporate Enforcement, the Central Bank and other relevant agencies regarding the alleged illegal transfer of mortgage payers from tracker to variable interest rate mortgages; the actions he has taken in this regard; and if he will make a statement on the matter. [1494/17]
View answerThe Central Bank is responsible for the regulation and supervision of financial service providers and for protecting the consumer of financial services. As the Deputy is aware, the Central Bank has commenced an industry wide examination of tracker mortgage related issues covering among other things transparency of communications with and contractual rights of tracker mortgage customers. The Examination is a key priority for the Central Bank and it continues to challenge lenders to ensure that progress is being made and fair outcomes are being achieved for customers.
I am informed by the Central Bank that while the Bank cannot comment on the specific details of the ongoing tracker mortgage examination or any enforcement investigations relating to this matter, in November 2016, it issued a reprimand and imposed a fine of €4.5m on Springboard Mortgages Limited in respect of serious failings in its obligations to tracker mortgage customer. The Central Bank has statutory reporting obligations to the Garda Síochána, and other agencies, where it suspects a criminal offence may have been committed by a supervised entity. The Central Bank takes these obligations very seriously and complies with them on an on-going basis as appropriate.
