Central Bank Governor to update Finance Committee on latest Tracker Mortgage Redress Examination Report

Governor Lane will provide an update on the Central Bank’s ongoing examination of Tracker Mortgages and specifically the latest data published on 20 December in relation to the identification, redress and compensation of affected customers.

Committee Chairman, John McGuinness TD, said today, “The tracker mortgage crisis exposed large-scale, unacceptable failings on the part of lenders.  It also highlighted flaws in the current consumer protection regime and failings in bank regulation. Tomorrow, the Committee will engage with Governor Philip Lane on the Central Bank’s latest Tracker Mortgage Examination Progress Report.”

“The Committee is anxious to discuss developments/progress in regard to the examination and specifically that all affected customers have been identified, have been returned to their correct rate and have received appropriate redress and compensation.”

“The Committee will refer to the significant increase in impacted customers as evident from the December report and will also engage with the Governor as to whether commitments made by the main lenders are being honoured. The Committee will continue to advocate of behalf of customers and also address developments/issues in regard to enforcement, accountability, legislative requirements and the wider consumer protection framework to ensure that such a scandal is prevented from occurring in the future. Committee Members will question Governor Lane on the redress and compensation procedure and the pace of the Central Bank’s examination.”

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