Dáil Éireann Debate, Tuesday - 28 March 2017
133. Deputy James Lawless asked the Minister for Finance when the Central Bank tracker mortgage review will inform affected customers of the reinstatement of their tracker mortgages; when the associated refunds will be issued; if he will be recommending a level of compensation for persons who have had their tracker mortgages reinstated before the Central Bank tracker review was initiated; and if he will make a statement on the matter. [15286/17]
Amharc ar fhreagraThe Deputy may wish to note that the Central Bank of Ireland published a further update report on the Examination of Tracker Mortgage Related Issues on 23 March 2017 and that this is available on its website at: http://www.centralbank.ie/press-area/press-releases/Pages/updatereportoncontinuingExaminationofTrackerMortgageIssues.aspx.
The report is the latest in a series of status updates since the Examination commenced and sets out the progress being made by lenders in completing the review. The Examination Framework, the Principles for Redress and the Appeals Process set out by the Central Bank have also been published, in conjunction with the report. The report also sets out information on the Central Bank's enforcement powers and activity in response to the tracker mortgage issues identified to date. In addition to this Central Bank mandated process, it should be noted that if impacted customers are still not happy with the outcome of the process (including in relation to the level of compensation and redress), they will have the option of bringing a complaint to the independent statutory Financial Services Ombudsman or initiating court proceedings.
