Tuesday, 19 February 2019

Ceisteanna (152)

Michael McGrath


152. Deputy Michael McGrath asked the Minister for Finance the status of the tracker mortgage examination by the Central Bank; and if he will make a statement on the matter. [7865/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Central Bank of Ireland published its latest update on the Tracker Mortgage Examination on 4 February. The update indicated that:

- The number of affected customers stood at 39,800 at end-December 2018 (including 7,100 impacted tracker accounts which were identified and resolved prior to the commencement of the industry wide examination), an increase of 1,400 since end-August 2018.

- 97 per cent of verified affected customers have received their redress and compensation at end December 2018.

- Redress and compensation payments are now largely complete with €647 million paid out by lenders at end-December.

The Central Bank has advised that its priority at all times throughout the Examination has been to make sure that all affected groups of customers have been identified and remediated. This work has now been completed at the majority of lenders.

The Central Bank has also advised that in the case of the remaining lenders, supervision work continues, as the Central Bank must ensure that the work carried out by lenders is sufficiently rigorous and thorough, to have addressed satisfactorily any remaining issues affecting groups of customers and to ensure that all eligible groups of customers are included for redress and compensation. This may result in the identification of some additional affected customers before the Examination is concluded. This work is expected to be complete in the remaining lenders in Q1 2019, with the final report expected to be published in the coming months.

The full Examination Update is available at the following link: https://www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/update-on-tracker-mortgage-examination---february-2019.pdf?sfvrsn=4.