Dáil Éireann Debate, Tuesday - 4 April 2017
230. Deputy Pearse Doherty asked the Minister for Finance the basis upon which banks are deciding on the definition of a prevailing tracker rate for persons being offered a tracker rate as a result of the Central Bank examination; and if he will make a statement on the matter. [16774/17]
Amharc ar fhreagraThe Central Bank has indicated that the scope of the Tracker Mortgage Examination covers both contractual rights of and transparency of communications with tracker mortgage customers. Issues in relation to margins will be dependent on contractual conditions, transparency and content of the documentation and disclosures made to individual customers concerned and, therefore, circumstances will differ from lender to lender. As the Examination progresses, where issues arise, the Central Bank will consider them to ensure the fair treatment of customers. The lender's external independent third party are also required to confirm to the Central Bank regarding adherence to the framework in carrying out the Examination to ensure that all relevant impacted customers are identified.
Impacted customers who are not happy with any aspect of the redress and compensation they receive, including the margin that they receive from their lender, can make an appeal to the Appeals Panel. This appeals process is in addition to impacted customer's rights to complain to the Financial Services Ombudsman, or to initiate legal proceedings before the courts.
