Tracker Mortgages Data

Dáil Éireann Debate, Tuesday - 7 November 2017

Tuesday, 7 November 2017

Questions (257)

Michael McGrath

Question:

257. Deputy Michael McGrath asked the Minister for Finance the number of persons estimated to have lost their property, private dwelling homes and buy-to-let as a result of being wrongly denied a tracker mortgage rate or as a result of being on a less favourable tracker rate; the steps that have been taken to assist these persons for each of the fifteen lenders included in the Central Bank's examination of tracker mortgage related issues; and if he will make a statement on the matter. [47002/17]

Written answers

Minister for Finance

The recent October 2017 Central Bank update on the tracker mortgage examination (https://www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/update-on-tracker-examination.pdf?sfvrsn=5) indicates that to date lenders have reported that as a result of their failings, loss of ownership has occurred in respect of 23 private dwelling homes and 79 buy-to-let properties. However, the Bank's update also states that, as lenders’ analyses continue, this figure will rise. The Central Bank's "Principles for Redress" makes clear to lenders that the level of compensation provided for the harm inflicted on impacted borrowers must reflect the level of detriment involved.