Dáil Éireann Debate, Thursday - 23 March 2017
59. Deputy Josepha Madigan asked the Minister for Finance if he will address matters (details supplied) regarding the Central Bank tracker mortgage redress scheme; and if he will make a statement on the matter. [14591/17]
View answerThe Deputy may wish to note that this morning the Central Bank of Ireland published a further update report on the Examination of Tracker Mortgage Related Issues and that this is available on its website www.centralbank.ie. This is the latest in a series of status updates since the examination commenced and sets out the progress being made by lenders in completing the review.
The immediate focus of the examination is to ensure that the interests of consumers are protected and that lenders prioritise the identification of impacted customers. Under the Principles for Redress lenders must stop further harm to impacted customers at the earliest possible time and must put in place a redress and compensation programme to fully address the impact their actions have had on impacted customers. The Principles for Redress also set out the Central Bank's expectations for lenders to provide, amongst other things, additional payments to allow impacted customers to seek independent professional advice.
The Tracker Examination continues to be a priority for the Central Bank and is being progressed as quickly as possible with specific timelines having been set for each lender to complete their reviews and to report to the Central Bank. The Central Bank has indicated that it will continue to monitor the examination as it progresses with appropriate supervisory action, up to and including enforcement action being taken by the Central Bank where necessary, in order to ensure lenders' deliver fair outcomes for their customers. Enforcement activity will be influenced by the outcome of the reviews currently being conducted as part of the Examination.
