Dáil Éireann Debate, Wednesday - 17 January 2018
64. Deputy Michael McGrath asked the Minister for Finance if the Central Bank has had engagement with the Office of the Director of Corporate Enforcement as part of the tracker mortgage scandal regarding possible breaches of the Companies Acts; and if he will make a statement on the matter. [2354/18]
Amharc ar fhreagraAs the Deputy is aware, the Central Bank’s regulatory mandate is to ensure the proper and effective regulation of financial institutions and markets, while ensuring that the best interests of consumers of financial services are protected. The tracker mortgage examination is being conducted by the Central Bank pursuant to this statutory mandate with a view in particular to ensuring the interests of consumers are protected and that regulated entities and individuals are held to account, as appropriate, for any regulatory failings.
The Central Bank has advised that if it identifies information in the course of its work that leads it to suspect a breach of the Companies Acts has been committed it is required to make a report to the Office of the Director of Corporate Enforcement (ODCE). The Central Bank takes these obligations very seriously. To date, the Central Bank has not had any contact with the ODCE with regard to the tracker mortgage examination. The Central Bank is currently conducting enforcement investigations related to the tracker mortgage investigation. It is keeping its reporting obligations to the ODCE under review and any reports will be made as appropriate.
