86. Deputy Alan Farrell asked the Minister for Finance if financial institutions are meeting their targets in respect of the tracker mortgage scandal; and if he will make a statement on the matter. (Question 53406/17 asked on 13 Dec 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As the Deputy is aware, the Central Bank’s most recent Tracker Mortgage Examination status update report was issued on 17 October last and it indicated that, as at the end of September, approximately 13,000 mortgage accounts have been identified as impacted through the examination.  This is additional to the 7,100 mortgage accounts which were rectified and remedied prior to the commencement of the industry wide examination.  In addition, since the O...

127. Deputy Michael Healy-Rae asked the Minister for Finance his views on a matter (details supplied) regarding tracker mortgages; and if he will make a statement on the matter. (Question 52999/17 asked on 12 Dec 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As the Deputy is aware, the Central Bank’s most recent Tracker Mortgage Examination status update report was issued on 17 October last and it indicated that, as at the end of September, approximately 13,000 mortgage accounts have been identified as impacted through the examination.  This is additional to the 7,100 mortgage accounts which were rectified and remedied prior to the commencement of the industry wide examination.  In addition, since the O...

1. Deputy Michael McGrath asked the Minister for Finance the status of the tracker mortgage scandal; and if he will make a statement on the matter. (Question 51247/17 asked on 30 Nov 2017 - Tracker Mortgage Examination)

Deputy Michael McGrath: Both questions are very similar. They ask the Minister to provide an update on the tracker mortgage scandal, in particular following his meeting with the banks and the subsequent update we got from Bank of Ireland that an additional 6,000 mortgage accounts had been identified as being affected. This is an opportunity for the Minister to give the House an update on the overall picture, whether he has heard anything since from the Central Bank or if it will still be mid-D...

2. Deputy Pearse Doherty asked the Minister for Finance when he will receive the next update from the Central Bank with regards to the tracker mortgage examination; and if he will make a statement on the matter. (Question 51309/17 asked on 30 Nov 2017 - Tracker Mortgage Examination)

Deputy Michael McGrath: Both questions are very similar. They ask the Minister to provide an update on the tracker mortgage scandal, in particular following his meeting with the banks and the subsequent update we got from Bank of Ireland that an additional 6,000 mortgage accounts had been identified as being affected. This is an opportunity for the Minister to give the House an update on the overall picture, whether he has heard anything since from the Central Bank or if it will still be mid-D...

41. Deputy Martin Heydon asked the Minister for Finance the status of the review of tracker mortgage complaints particularly for mortgage holders that have been waiting months for an update and a review; and if he will make a statement on the matter. (Question 50887/17 asked on 30 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As per the Central Bank’s Tracker Mortgage Examination status update of 17 October last, approximately 13,000 impacted accounts have been identified as at end September through the Examination, the majority of whom will receive their redress and compensation before the end of the year. Prior to the Examination, the Central Bank ensured a further 7,100 cases involving tracker mortgage issues were rectified and remedied.
Given the size and complexity ...

51. Deputy Joan Burton asked the Minister for Finance the estimated number of accounts affected by the tracker mortgage scandal; and if he will make a statement on the matter. (Question 50718/17 asked on 30 Nov 2017 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that as at the end of September 2017, 13,000 impacted accounts had been identified by lenders in the course of the Tracker Mortgage Examination. Lenders’ overall reviews are subject to ongoing assurance work and vigorous challenge by the Central Bank.  
The 13,000 impacted accounts figure will increase in light of recent decisions by certain lenders to include previously disputed cases in the Examination. As the Central ...

54. Deputy Clare Daly asked the Minister for Finance if he has satisfied himself that the Central Bank is sufficiently empowered to identify all persons affected by the tracker mortgage scandal as part of its investigation of same in view of the recent revelation that an additional 6,000 persons had been overcharged by a bank (details supplied) 18 months after the commencement of Phase 2 of the investigation which requires banks to identify persons impacted by the scandal. (Question 50803/17 asked on 30 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As set out in its Tracker Mortgage Examination status update report of 17 October last, the Central Bank advised that assurance work completed to that point raised concerns that two lenders may have failed to identify populations of impacted customer or failed to recognise that certain customers have been impacted by their failures. The Central Bank was of the view that some of these customers were in fact impacted and accordingly entitled to redres...

59. Deputy Clare Daly asked the Minister for Finance further to Parliamentary Question No. 214 of 7 November 2017, the reason a case falls into categories (details supplied); and if he will make a statement on the matter. (Question 48482/17 asked on 16 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 59 to 61, inclusive, together.
As I advised the Deputy in my answer to her previous question, the Central Bank, as the regulator with the appropriate powers, is the institution responsible for conducting an industry-wide examination of tracker mortgage-related issues.  The Central Bank has committed that all affected customers will be identified and that it will use the full range of its regulatory powers to ensure t...

60. Deputy Clare Daly asked the Minister for Finance further to Parliamentary Question No. 214 of 7 November 2017, if standard variable rate mortgage holders will be part of this review under the criteria. (Question 48483/17 asked on 16 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 59 to 61, inclusive, together.
As I advised the Deputy in my answer to her previous question, the Central Bank, as the regulator with the appropriate powers, is the institution responsible for conducting an industry-wide examination of tracker mortgage-related issues.  The Central Bank has committed that all affected customers will be identified and that it will use the full range of its regulatory powers to ensure t...

61. Deputy Clare Daly asked the Minister for Finance further to Parliamentary Question No. 214 of 7 November 2017, if persons who, after a fixed rate period expired and they were entitled to a tracker rate, were intentionally or negligently offered a higher tracker rate than what was offered in the original loan offer letter (details supplied); and if these persons will be included in the review. (Question 48484/17 asked on 16 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 59 to 61, inclusive, together.
As I advised the Deputy in my answer to her previous question, the Central Bank, as the regulator with the appropriate powers, is the institution responsible for conducting an industry-wide examination of tracker mortgage-related issues.  The Central Bank has committed that all affected customers will be identified and that it will use the full range of its regulatory powers to ensure t...

69. Deputy Michael McGrath asked the Minister for Finance the number of the 6,000 new cases identified by a bank (details supplied) that were buy-to-let mortgages; the number that were primary dwelling house mortgages; the number that led to mortgage arrears cases; and the number that led to the loss of the home. (Question 48648/17 asked on 16 Nov 2017 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): In response to the Deputy’s question, officials in the Department of Finance have received the following response from the bank:
“Bank of Ireland provided an update to the market on this matter on 9 November 2017 in which it set out that an additional c. 6,000 accounts would now be included within the scope of the compensation scheme. The Bank has stated that all impacted customers who continue to have an open mortgage account will be returned to t...

45. Deputy John Curran asked the Minister for Finance if details of the scheme of compensation for those wrongly denied tracker mortgages by the banks has been examined by him, his Department and the Central Bank; his views on whether the scheme is fair and adequately addresses the different events and circumstances endured by those affected by this issue; and if he will make a statement on the matter. (Question 47367/17 asked on 09 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As the Deputy is aware, the Central Bank is independent in the performance of its duties in the supervision of regulated financial service providers and it is working to ensure that the Tracker Mortgage Examination is completed as soon as possible. Details of the Framework for Conducting the Tracker Mortgage Examination are available at the following link: https://www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/appendix1-f...

58. Deputy Michael McGrath asked the Minister for Finance the number of mortgage accounts identified in each bank as part of the tracker mortgage examination that involve both current or former employees of that bank; the number that have been restored to the correct rate and that have received redress and compensation, in tabular form; if this is included in the examination; and if he will make a statement on the matter. (Question 47550/17 asked on 09 Nov 2017 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): The 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. The Central Bank has to be careful that any public disclosures made by it do not breach its statutory confidenti...

90. Deputy Pearse Doherty asked the Minister for Finance if the staff members of a bank (details supplied) that had their tracker mortgage removed will be covered by the Central Bank’s examination process and by the bank’s redress and compensation scheme; and if he will make a statement on the matter. (Question 47184/17 asked on 08 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Deputy’s question was referred to the bank by officials in the Department who were provided with the following response:
“Bank of Ireland is currently conducting its examination of tracker mortgage related issues which covers, amongst other things, transparency of communications with and contractual rights of tracker mortgage customers. This is an industry wide review required by the Central Bank of Ireland. All tracker mortgages sold by the B...

177. Deputy Clare Daly asked the Minister for Finance the reason the Government cannot initiate a criminal investigation into the tracker mortgage scandal; and if he will make a statement on the matter. (Question 46605/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): It should be noted that the Central Bank is responsible for the supervision of regulated financial service providers.  In this context the Central Bank maintains contact with other statutory bodies as appropriate and in its recent update on the tracker mortgage examination the Central Bank indicated that, since the previous March update report, it had met with the Competition and Consumer Protection Commission and An Garda Síochána.  The Central Ban...

179. Deputy Michael Harty asked the Minister for Finance the number of persons in County Clare that have been affected by the tracker mortgage scandal; and if he will make a statement on the matter. (Question 46698/17 asked on 07 Nov 2017 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that it does not have data at the level of granularity as requested by the Deputy.
However, at an aggregated national level, the recent Central Bank update on its tracker mortgage examination (see attached www.centralbank.ie/news/article/statement---tracker-mortgage-examination) indicated that circa 13,000 affected customers have been identified to date through the Examination, the majority of whom will receive their red...

189. Deputy Eamon Scanlon asked the Minister for Finance the number of mortgage accounts identified by a bank (details supplied) in which the customer has been wrongly denied a tracker rate; the number of mortgage accounts in which the incorrect tracker rate is being applied; the number of such accounts which are in the pre 2006 cohort; the number of accounts in which the customer is still not on the correct tracker rate; and if he will make a statement on the matter. (Question 45800/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

192. Deputy Seán Haughey asked the Minister for Finance if at his meetings with the banks and financial institutions he will raise the position of pre-2006 borrowers from a bank (details supplied) that are deemed to be not impacted in respect of tracker mortgages; if he will request the Central Bank and the bank to provide redress for these persons; and if he will make a statement on the matter. (Question 45823/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

194. Deputy Thomas P. Broughan asked the Minister for Finance the instructions given by the Central Bank to a bank (details supplied) regarding tracker mortgages taken out pre-2006; and if he will make a statement on the matter. (Question 45917/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

195. Deputy Thomas P. Broughan asked the Minister for Finance the instructions that have been given by the Central Bank to banks regarding tracker mortgages pre-2006; the parameters for review; if all persons that were on tracker mortgages at some point pre-2006 and subsequently wished to return to a tracker mortgage will be included in the review; and if he will make a statement on the matter. (Question 45918/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Tracker Examination is the largest and most complex supervisory investigation undertaken in the context of the Central Bank’s consumer protection mandate, involving the review by lenders of more than two million mortgage accounts. 
The Examination requires lenders, which offered tracker interest rate mortgages to their customers, to review all mortgage accounts from the date when the lender commenced offering tracker interest rate mortgages unti...

198. Deputy Thomas Pringle asked the Minister for Finance if persons that were moved from their tracker mortgage in a bank (details supplied) before 2006 will be considered in compensation or redress schemes; and if he will make a statement on the matter. (Question 45948/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

200. Deputy Tony McLoughlin asked the Minister for Finance if special consideration is being given to a bank (details supplied) helping and assisting persons in the pre-2006 cohort has been raised in his discussions with the banks regarding persons affected by tracker mortgages; and if he will make a statement on the matter. (Question 45961/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

202. Deputy Eamon Scanlon asked the Minister for Finance his views on whether it is the banks’ sole discretion to decide the persons that are impacted by the tracker mortgage examination; his position with regard to the persons that are being excluded from the scope of the examination; if the pre-2006 cohort of persons (details supplied) will not be excluded from same; and if he will make a statement on the matter. (Question 45966/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

214. Deputy Clare Daly asked the Minister for Finance if tracker mortgages taken out pre-2006 with a bank (details supplied) will be included in the Central Bank’s review of tracker mortgages; and of persons that took out mortgages with the bank pre 2006 and that have been affected by the scandal will be offered redress and compensation. (Question 46203/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 189, 192, 194, 198, 200, 202, 214 and 250 together.
As the Deputy is aware, the Central Bank, as the regulator with the appropriate powers, has been conducting an industry-wide examination of tracker mortgage-related issues. Through the examination, the Central Bank has publicly and unequivocally committed that all affected customers will be identified and to use the full range of its regulatory powers to ensure the...

224. Deputy Pearse Doherty asked the Minister for Finance the number of court cases being taken against State-owned banks and other banks by persons appealing the compensation or redress they have been offered under the tracker examination process; and if he will make a statement on the matter. (Question 46406/17 asked on 07 Nov 2017 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 224, 227 and 253 together.
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. 
As per the most recent Central Bank’s status update of 17 October on the tracker mortgage examination (https://www.centralban...