93. Deputy Pearse Doherty asked the Minister for Finance the exact nature of the 4,000 new cases in the Central Bank’s April 2018 update on the tracker scandal; the new groups that have been included; and if he will make a statement on the matter. (Question 18885/18 asked on 01 May 2018 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that, as set out in its recently published April 2018 Tracker Mortgage Examination Progress Report, the total number of impacted customers identified through the Examination to end-March 2018 is c. 30,000 (of which 1,500 remain to be verified by lenders) and that this represents an increase of 3,400 identified customer accounts since the December report. (When added to the c. 7,100 cases resolved outside of the Examinati...

192. Deputy Jonathan O’Brien asked the Minister for Finance if all lenders are on course to meet their commitments made under the tracker mortgage examination in terms of providing redress and compensation by set dates. (Question 13658/18 asked on 27 Mar 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Tracker Examination continues to be a priority for the Central Bank and the Bank will continue to challenge lenders in respect of the conduct of the Examination. The Bank has advised that lenders have committed to certain schedules for payment of redress and compensation to customers and that they are on course to meet these commitments. The Bank has also advised that it will remain vigilant in ensuring that payments to customers are progresse...

90. Deputy Ruth Coppinger asked the Minister for Finance if there will be an investigation of a bank (details supplied) removing from tracker mortgages customers seeking a top-up mortgage loan; and if he will make a statement on the matter. (Question 12487/18 asked on 20 Mar 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As the Deputy is aware, the Central Bank of Ireland Tracker Mortgage Examination, which is well advanced at this stage, was established to ensure all borrowers who were adversely affected by the tracker scandal were identified and properly recompensed. All relevant matters fall under the scope of this examination, including the matter described in the details supplied by the Deputy. 
For borrowers who are dissatisfied with the initial decision by t...

146. Deputy Pearse Doherty asked the Minister for Finance his views on whether it is just those that victims of the tracker mortgage scandal that employed a financial adviser may lose out on a percentage of compensation or redress in order to pay these advisers; his further views on whether the compensation and redress payable should reflect this additional cost; and if he will make a statement on the matter. (Question 8409/18 asked on 20 Feb 2018 - Tracker Mortgage Examination Data)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that its tracker examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by tracker related failings both from a contractual and transparency perspective. As part of the examination framework, where customer detriment has been identified, the Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in l...

157. Deputy Michael McGrath asked the Minister for Finance if banks (details supplied) involved in the tracker mortgage examination have set a limit to the amount of compensation their independent appeals panel can sanction for a person by way of compensation; if so, the limit in this regard; the reason such a limit is in place; the number of times the appeals panel has recommended a level of compensation above this limit; the response of the bank in those cases; the views of the Central Bank on this issue; and if he will make a statement on the matter. (Question 8696/18 asked on 20 Feb 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that it is not in a position to comment on lender specific supervisory information due to confidentiality requirements under Central Bank legislation. 
However, in a more general way the Central Bank advises that its Tracker Examination Framework requires all lenders to identify all impacted mortgage customers and to address customer detriment in line with the Central Bank’s “Principles for Redress”. These redress princ...

138. Deputy Pearse Doherty asked the Minister for Finance if lenders subject to the tracker review have indicated to the Central Bank that they will reduce the number they are of the view are impacted by the tracker scandal compared to their statement of December 2017; and if he will make a statement on the matter. (Question 5631/18 asked on 06 Feb 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that, based on its most recent progress update report on the Tracker Mortgage Examination which was published on 20 December 2017 and on certain updated data that the Bank provided to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach on January 18 last, lenders have included c.33,700 customers as affected by tracker mortgage failings with €316 million paid in redress and compensation ...

72. Deputy Pearse Doherty asked the Minister for Finance the reason persons with a bank (details supplied) who have been informed they have been impacted by the tracker mortgage scandal have not had their rate corrected; and if he will make a statement on the matter. (Question 5059/18 asked on 01 Feb 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that the Tracker Mortgage Examination is on-going. However, it also advises that it is not in a position to comment on its supervisory engagements with individual lenders. Nevertheless, the Bank continues to engage with and challenge all lenders to ensure that they identify all tracker impacted customers in a timely manner and to ensure that all lenders are acting in their customers’ best interests. 
It is important to n...

97. Deputy Mattie McGrath asked the Minister for Finance the measures he is taking to address the ongoing tracker mortgage controversy; the number of mortgage holders affected; and if he will make a statement on the matter. (Question 2406/18 asked on 30 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): Owing to the seriousness of the tracker mortgage examination and the unacceptable behaviour of the banks, I have taken a number of actions with the interests of consumers in mind. 
Subsequent to the Central Bank’s October progress update report on the tracker examination I mandated the Central Bank, under section 6A of the Central Bank Act 1942, to prepare a report on:
- the current culture and behaviour and the associated risks in the retail banks,...

106. Deputy Joan Burton asked the Minister for Finance the actions his Department plans to take on foot of the significant protected disclosures by bank staff to the Central Bank regarding the tracker mortgage scandal; and if he will make a statement on the matter. (Question 4134/18 asked on 30 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank is a prescribed person for a worker to make a disclosure under the Protected Disclosures Act, 2014 (the 2014 Act) which they believe is substantially true, and receives protected disclosures from persons who, in good faith make a disclosure under the Central Bank (Supervision and Enforcement) Act, 2013 (the 2013 Act), to the Central Bank or to one of its employees or one of its authorised officers; and they have reasonable grounds f...

161. Deputy Catherine Connolly asked the Minister for Finance the nature and status of the enforcement proceedings under way against the main banks in the tracker mortgage scandal; the date on which the enforcement proceedings began; the specific banks against which proceedings have been taken; and if he will make a statement on the matter. (Question 4319/18 asked on 30 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that it has utilised its enforcement powers and continues to pursue enforcement actions in response to tracker mortgage issues that have been identified at certain lenders. The Bank has already concluded an enforcement investigation in respect of tracker mortgage-related failures identified at Springboard Mortgages Limited in November 2016. In that instance the Bank imposed a monetary penalty of €4.5 million on Springb...

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. (Question 4320/18 asked on 30 Jan 2018 - Tracker Mortgage Examination)

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.
However, the Central Bank has advised that pursuant to their industry wide examination, as at end-December approx...

164. Deputy Michael Healy-Rae asked the Minister for Finance when he is next scheduled to meet with the banks regarding the tracker mortgage scandal; and the position regarding the matter in view of the fact a bank (details supplied) is still awaiting a decision. (Question 2780/18 asked on 23 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): Regarding the first part of the Deputy’s question, at my recent attendance before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach I indicated that I intend to meet the chief executive officers of the main banks on a regular basis and that I will be aiming to have my next meeting with them in the coming months.  However, no date has yet been scheduled for these meetings.  
In relation to the second aspect of t...

60. Deputy Michael McGrath asked the Minister for Finance if persons that lost their tracker mortgage rate as a result of an agreed restructuring of their mortgage which involved a term extension are included in the scope of the tracker mortgage examination; and if he will make a statement on the matter. (Question 2643/18 asked on 18 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank has advised that the scope of the Tracker Mortgage Examination covers all lenders which sold tracker mortgage accounts, including both for the family home and investment properties, up to the end of 2015:
- that originated on tracker interest rates;
- that had tracker interest rates applied at any stage during the term of the underlying mortgage agreements; and/or
- where the underlying mortgage agreements provided for contractua...

197. Deputy Stephen S. Donnelly asked the Minister for Finance his plans to commission a report on the net aggregate position of each bank involved in the recent tracker mortgage scandal, including the benefits to the banks of moving persons to higher interest rates; the cost of the redress schemes; and if he will make a statement on the matter. (Question 54905/17 asked on 16 Jan 2018 - Tracker Mortgage Examination)

Minister for Finance (Deputy Paschal Donohoe): As the Deputy is aware, the Central Bank’s Tracker Mortgage Examination requires all mortgage lenders that provided tracker interest rate mortgages in the Irish market to conduct a complete review of their mortgage loan books to assess compliance with both contractual and regulatory requirements relating to tracker mortgages. Lenders’ reviews are required to be conducted in accordance with the Central Bank’s framework for completion of the Examinat...

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...