Tracker mortgages, insurance costs, credit unions and Brexit on the agenda as Finance Committee meets Central Bank Governor

Committee Chairman John McGuinness TD said: “The progress report on the tracker issue was published by the Central Bank on 30 April and that should form the basis of our examination of the issue. The timeline for the banks to resolve this matter is the end of June. However, more than 3,000 additional cases have recently emerged so we will be looking forward to an update on the progress made by lenders in meeting their commitments to pay redress and compensation to affected tracker mortgage customers ahead of this deadline.

The recent 'technical' issue with Ulster bank will likely be raised at our meeting. In relation to insurance, the meeting will centre on the increasing costs of all insurance products, notwithstanding statistical evidence to the contrary.

Given that the Committee published a report on the Credit Union sector last year which made a number of recommendations to bolster the sector as a vital financial service provider, our discussion with the Governor will likely focus on the business plan development for the sector, tiered regulation, lending limits and financing of home building.  

Finally, we will be keen to get the Governor’s perspectives on the risks, but also the potential opportunities for the financial services sector from Brexit.”

The meeting will start at 9.30am in Committee Room 2, Leinster House.

Before it meetings with the Central Bank Governor, the Committee will carry out scrutiny of EU Legislative Proposals: Schedule A: COM(2018)93 on Exposure in the form of Covered Bonds; COM(2018)94 on Covered Bonds public supervision; and scrutiny of EU Legislative Proposals: Schedule B: COM(2018)126

Committee proceedings can be viewed live here and can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.