Dáil Éireann Debate, Tuesday - 30 January 2018
162. Deputy Catherine Connolly asked the Minister for Finance the most recent value of the payment to affected persons at the behest of the Central Bank in the tracker mortgage scandal; the number of persons involved, by bank in tabular form; and if he will make a statement on the matter. [4320/18]
Amharc ar fhreagraThe Central Bank has advised that, due to statutory confidentiality requirements, the Bank may not publicly disclose much of its supervisory engagement with individual firms. In particular, the Central Bank can, generally speaking, only disclose such information in summary or aggregate form so that individual firms cannot be identified.
However, the Central Bank has advised that pursuant to their industry wide examination, as at end-December approximately 26,600 impacted tracker mortgage customers have been identified and the most recent information is that circa. €269 million has been provided in redress and compensation to around 13,600 of these accounts. This is in addition to the 7,100 impacted customers that were identified prior to the industry wide examination who received €47 million in redress and compensation owing to tracker related failings by their lenders. This brings the total number of impacted customers identified as at end-December to 33,700 and the total amount of redress and compensation provided so far to €316 million. However, the Deputy may also wish to note that the main lenders are currently in the process of providing evidence and information to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach, including an update on their progress to date on the tracker examination.
While the Central Bank’s view is that the vast majority of impacted customers have now been identified and that known issues around disputed groups in respect of lenders have now been resolved, the Bank will continue to review, challenge and verify the work undertaken by the lenders and complete their intrusive on-site inspection programme.
The Government will continue to support the Central Bank in its efforts to complete the tracker examination as quickly as possible, and I look forward to receiving a further update report from the Central Bank in due course on the basis of end-March 2018 data.
