Dáil Éireann Debate, Tuesday - 2 May 2017
255. Deputy Pearse Doherty asked the Minister for Finance the options available to those affected by the tracker scandal who received their redress some years ago but now feel they should be entitled to compensation; and if he will make a statement on the matter. [19706/17]
Amharc ar fhreagraThe Tracker Mortgage Examination is the largest, most complex and significant supervisory review that the Central Bank has undertaken to date in the context of its consumer protection mandate, involving a review of more than two million mortgage accounts by lenders.
The Central Bank framework for the Tracker Mortgage Examination requires lenders to review all mortgage accounts, including those that have been redeemed, sold or transferred to another entity by the lender, together with mortgage accounts where the customer has lost possession of the secured property for any reason (including by way of voluntary and involuntary sale).
The Central Bank also expects that customer accounts reviewed as part of previous tracker mortgage related reviews and/or investigations and deemed not impacted as part of those previous reviews/investigations will be reviewed again in accordance with the Framework. However, the Central Bank does not have the statutory power to set compensation levels or to compel lenders to implement redress and compensation programmes in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and Enforcement) Act 2013.
The Central Bank has indicated that where borrowers have queries or complaints on tracker related matters they should contact their lender through the formal complaints process.
Template to accompany requests to the Central Bank for material for replies to PQs, Topical Interest Debates (TIDs) and any other briefing that, up to now, went to the Press Office in the Bank.
It has been agreed with the Central Bank that this template will be used with effect from 24 May 2012.
From that date also, there will be a dedicated email address for requests. Please use instead pqs@centralbank.ie.
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Department of Finance contact(s) |
John Fitzpatrick Leonard Wall |
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Contact telephone numbers |
01-6045698 076-1007682 |
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Contact email address |
John.fitzpatrick@finance.gov.ie Leonard.wall@finance.gov.ie |
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Deputy submitting PQ or TID |
Pearse Doherty |
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PQ reference number |
PQ 19706/17 |
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Date for answer, priority, written or oral |
Written, 01/05/2017 |
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Deadline time for reply from the Central Bank |
24/04/17 (11am) |
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To ask the Minister for Finance the options available to those affected by the tracker scandal that have received their redress some years ago but now feel they should be entitled to compensation; and if he will make a statement on the matter. |
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Draft reply or material for inclusion in reply. This material to be completed in Word in the column opposite to facilitate ‘cut and paste’ in D/Finance |
The Tracker Mortgage Examination is the largest, most complex and significant supervisory review that the Central Bank has undertaken to date in the context of its consumer protection mandate, involving a review of more than two million mortgage accounts by lenders. The Framework requires lenders to review all mortgage accounts, including those that have been redeemed, sold or transferred to another entity by the lender, together with mortgage accounts where the customer has lost possession of the secured property for any reason (including by way of voluntary and involuntary sale). The Central Bank also expects that customer accounts reviewed as part of previous tracker mortgage related reviews and/or investigations and deemed not impacted as part of those previous reviews/investigations will be reviewed again in accordance with the Framework. The Central Bank does not have the statutory power to set compensation levels or to compel lenders to implement redress and compensation programmes in respect of failures that occurred prior to the introduction of the Central Bank (Supervision and Enforcement) Act 2013 (the “2013 Act”). Where borrowers have queries or complaints on tracker related matters, they should contact their lender through the formal complaints process. |
Note
Any other relevant information e.g. in the case of oral questions, material which the Central Bank considers could be used for supplementary questions and for briefing the Minister
Department of Finance/Central Bank
May 2012
