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Tracker Mortgage Examination

Dáil Éireann Debate, Thursday - 5 July 2018

Thursday, 5 July 2018

Questions (90)

Michael Healy-Rae

Question:

90. Deputy Michael Healy-Rae asked the Minister for Finance if a matter (details supplied) regarding tracker mortgage redress will be addressed; and if he will make a statement on the matter. [29837/18]

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Written answers

The Central Bank has advised that as per their Tracker Mortgage Examination Progress Report issued in April 2018, many redress and compensation schemes are nearing completion. The independent advice and appeals framework provided for under the Examination will therefore become increasingly relevant for affected customers, as they consider the offers made to them. The framework was structured by the Central Bank in such a way as to ensure that affected customers have further recourse options, ranging from the independent appeals process to the Financial Services and Pensions Ombudsman and the courts, if they are dissatisfied with any aspect of the redress and compensation offers made by their lender. In this way, customers know that they can utilize in full the State’s consumer protection framework.

The appeals process is managed and administered by an independent secretariat in each lender. The independent secretariat has a role in auditing the output of the panels in terms of assessing whether they have followed the procedures set out within each lender’s Terms of Reference. This is an important role to ensure the process is functioning as intended. However, the length of the appeals process can vary greatly depending on a number of factors such as the level and quality of information provided by customers to support their appeal and on the type of appeal being made.

It is important to note appeals panels are to be independent and, as such, while the Central Bank has provided the framework for the appeals process, the Central Bank is not involved in the operation or decisions of the panels as to do so could undermine the outcomes.

In regard to Bank of Ireland, I can confirm that I met formally with the CEO of Bank of Ireland in March during which a broad range of banking matters were discussed including the tracker mortgage examination. I am also currently scheduled to meet with the CEOs of Bank of Ireland, AIB, permanent tsb, Ulster Bank and KBC on 17 July to discuss the establishment of an independent body on banking culture.

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