Dáil Éireann Debate, Tuesday - 24 October 2017
14. Deputy Clare Daly asked the Minister for Finance his plans to address the serious issues in regard to the regulation and oversight of mortgage providers brought to light by the tracker mortgage scandal; and if he will make a statement on the matter. [44661/17]
View answerThe Central Bank published an update on the Tracker Examination on 17 October last. As part of this update, the Bank released details of their engagement with lenders thus far and the enforcement actions the Bank has so far taken. However, as the Taoiseach noted last Wednesday during Leaders' Questions, the Government is not satisfied with the progress lenders have made to date and believes that impacted customers should by this time have had their tracker mortgages restored and where appropriate have received redress and compensation.
I have just concluded my meetings with the CEOs of Bank of Ireland, AIB, Permanent TSB, Ulster Bank and KBC to discuss the Tracker Mortgage Examination and I have made it clear that the Government is not satisfied with the progress lenders have made to date. All relevant mortgage lenders need to bring the Central Bank examination to a conclusion without any further delay, and to do so to the satisfaction of the Central Bank and more particularly to the satisfaction of their impacted customers. The Government is of the view that impacted tracker mortgage borrowers have been treated disgracefully by mortgage lenders, and that many borrowers have incurred considerable losses and in some cases even more significant harm. We should be clear that it was the mortgage lenders that caused this harm to their customers and that the primary responsibility for rectifying the problem rests with them. The time has now arrived for the banks to finally act in the best interest of their impacted mortgage customers. The Government fully supports the Central Bank it its work to bring this very important industry wide examination to the earliest possible conclusion.
