Dáil Éireann Debate, Thursday - 16 June 2016
93. Deputy Michael McGrath asked the Minister for Finance the number of staff that non-State-owned banks employ directly or under contract who are solely or primarily working on resolving issues relating to the Central Bank investigation of its handling of tracker mortgages; and if he will make a statement on the matter. [16501/16]
Amharc ar fhreagraMy Department does not have information on the number of staff that non-State owned banks employ directly or under contract who are solely or primarily working on resolving issues relating to the Central Bank investigation of its handling of tracker mortgages. However, the Central Bank has set out a Framework for conducting the Tracker Mortgage Examination and given its scale, I understand that significant resources are being deployed by lenders to complete the examination.
The update on the Examination provided by the Central Bank on their website in April indicated that the planning phase of the Examination has now been completed and lenders have submitted plans including arrangements around governance and reporting to the Central Bank. Lenders have now moved to phase two which is analysing and identifying impacted borrowers. The update provided by the Central Bank confirmed that lenders have appointed external independent third party assurers to oversee this work and to ensure that the review is being carried out in line with the Central Bank's requirements.
The Central Bank have stated that is not in a position to provide information on the number of staff employed on this investigation by each lender as the level of resources being employed by each lender will vary at any one point in time depending on a range of issues.
The Central Bank will be providing public updates on the Tracker Mortgage Investigation through their web-site throughout the examination and I understand that the next update is due to be issued at the end of July.
