Thursday, 28 March 2019

Questions (63)

Michael McGrath


63. Deputy Michael McGrath asked the Minister for Finance if the Central Bank has been informed of the miscalculation of mortgage repayments by a bank (details supplied); if so, when it was informed; if the number of impacted customers is 3,400; the amount these customers have underpaid as a result of the miscalculation; the way in which the Central Bank plans to proceed with the issue; and if he will make a statement on the matter. [14685/19]

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Written answers (Question to Finance)

Officials in the Department of Finance have received the following reply from the Central Bank of Ireland in response to the Deputy’s question:

"The Central Bank of Ireland (‘Central Bank’) is aware of the error and is engaging with Bank of Ireland. We cannot comment on the specifics of any individual firm.

Errors by regulated financial services firms are monitored by the Central Bank to conclusion to ensure customers are treated fairly in line with the requirements of the Consumer Protection Code.

In relation to any error, the Central Bank expects firms to have robust systems and controls in place and where issues that affect customers arise, they should be addressed and rectified, with the overarching objective of protecting consumers’ interests. Firms must also communicate clearly and promptly with affected customers and ensure that any identifiable loss is remediated. Any customer who considers that they have been affected by this error, should contact Bank of Ireland directly.

If consumers are not satisfied with how they are treated, they are entitled to make a complaint to Bank of Ireland. If they are not satisfied with the response they receive, they can make a complaint to the Financial Services and Pensions Ombudsman."