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Tracker Mortgages

Dáil Éireann Debate, Tuesday - 10 November 2020

Tuesday, 10 November 2020

Questions (301)

Catherine Murphy

Question:

301. Deputy Catherine Murphy asked the Minister for Finance if his attention has been drawn to instances in which banks are exploiting General Data Protection Regulations to avoid identifying tracker loans (details supplied); the action he plans to take to address the issue; if he has consulted with and or been contacted by the Central Bank in this regard; and if he will make a statement on the matter. [34584/20]

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Written answers

I have consulted the Central Bank and it has advised that it cannot comment on individual lenders due to restrictions under supervisory confidentiality requirements. Nevertheless, it did indicate that the Central Bank Tracker Mortgage Examination (TME) required all lenders, which offered tracker interest rate mortgages to their customers, to review all mortgage accounts, including accounts in arrears, to identify any tracker related failings both from a contractual and transparency perspective. The Central Bank has advised that it is satisfied that, following extensive supervisory challenge and assurance work, the affected groups of customers have now been identified.

The Bank also indicated that, as set out in the Examination framework, in circumstances where relevant documents were not available, lenders were to ensure that this would work to the benefit, and not the detriment, of impacted customers. All mortgages within the scope of the Examination were to be reviewed regardless of whether or not documents in respect of such mortgages were available to lenders. The Central Bank acknowledged (https://www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/tracker-mortgage-examination-clarifications-5may2016.pdf?sfvrsn=4) that some relevant documents may have been disposed of in accordance with Data protection legislation or relevant provisions of the Central Bank’s various codes of conduct. In such circumstances, the Central Bank clearly set out what lenders must provide to the Central Bank such as:-

i) specific reasons why documents are not available,

ii) the number of impacted accounts in respect of which documents are unavailable,

iii) the level of detail held by lenders in respect of such accounts and

iv) proposals to conduct the review in such circumstances.

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