Tracker Mortgage Examination

Dáil Éireann Debate, Tuesday - 14 May 2019

Tuesday, 14 May 2019

Questions (113)

Michael McGrath

Question:

113. Deputy Michael McGrath asked the Minister for Finance the steps which will be taken with regard to the fines received by the Central Bank in relation to the tracker mortgage scandal; if the fines will be directed to anything in particular; if they will be directed to the Exchequer by way of the Central Bank surplus at the end of the year; if discussions have taken place with the Central Bank in relation to same; and if he will make a statement on the matter. [20343/19]

Written answers

Minister for Finance

Since 2013, the Central Bank’s practice is to remit the value of all monetary penalties in full to the Exchequer and, thereby, ultimately to the citizens of the Irish State. The treatment of fines related to the Tracker Mortgage Examination will be remitted to the Exchequer in full in the same way.

This practices arises from when, in 2012, the Central Bank consulted on the treatment of income resulting from monetary penalties, in its public consultation [CP61] "Consultation on Impact Based Levies and Other Levy Related Matters". The consultation paper, submissions and feedback statement are available at the following link: https://www.centralbank.ie/publication/consultation-papers/consultation-paper-detail/cp61-consultation-on-impact-based-levies-and-other-levy-related-matters