Tracker Mortgages Examination

Dáil Éireann Debate, Thursday - 6 April 2017

Thursday, 6 April 2017

Ceisteanna (105, 106)

Pearse Doherty

Ceist:

105. Deputy Pearse Doherty asked the Minister for Finance the banks and financial institutions that have indicated to the Central Bank that documents in respect of the cases may have been disposed of with regard to the Central Bank's investigation into the tracker mortgage issue; the specific reason documents are not available for each bank; the number of impacted accounts; the level of detail held by the lenders in respect of such accounts; the way in each case they have proposed to conduct the review in absence of these documents; and if he will make a statement on the matter. [17199/17]

Pearse Doherty

Ceist:

106. Deputy Pearse Doherty asked the Minister for Finance if, in cases in which lenders subject to the Central Bank's tracker mortgage investigation have made proposals to proceed in the absence of documents, for each lender, the Central Bank has raised objections to the proposals; if so, the nature of these objections; the result in terms of the way the lender approached those cases; and if he will make a statement on the matter. [17200/17]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 105 and 106 together.

The Central Bank has advised that all mortgages within the scope of the Examination are to be reviewed regardless of whether or not documents in respect of such mortgages are available to lenders.

As set out in the Examination framework, in circumstances where relevant documents are not available, lenders are to ensure that this will work to the benefit, and not the detriment, of impacted customers.

As part of the Examination framework, the Central Bank has acknowledged 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 has 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.

However, the Central Bank has indicated that it is not in a position to comment on individual lenders due to confidentiality requirements under Central Bank legislation, as such information is lender specific supervisory information.