Dáil Éireann Debate, Thursday - 16 November 2017
69. Deputy Michael McGrath asked the Minister for Finance the number of the 6,000 new cases identified by a bank (details supplied) that were buy-to-let mortgages; the number that were primary dwelling house mortgages; the number that led to mortgage arrears cases; and the number that led to the loss of the home. [48648/17]
View answerIn response to the Deputy’s question, officials in the Department of Finance have received the following response from the bank:
“Bank of Ireland provided an update to the market on this matter on 9 November 2017 in which it set out that an additional c. 6,000 accounts would now be included within the scope of the compensation scheme. The Bank has stated that all impacted customers who continue to have an open mortgage account will be returned to their correct tracker rate as soon as possible, and aims to compensate all these customers, subject to their agreement, as quickly as possible starting before the end of 2017. Of these additional 6,000 accounts approximately 5,200 relate to Owner Occupier properties with the remainder being Buy to Let. The Bank will provide further updates at it progresses through the programme.
The Bank commenced the compensation process for impacted customers on 10 November. The recent statements made by the bank on the matter are available here:
Press Release - https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/635/bank-of-ireland-sets-out-path-for-resolution-of-tracker-mortgage-issue/#november
RNS - https://investorrelations.bankofireland.com/press-releases/stock-exchange-announcements/ ”.
