Statement - Tracker Mortgage Examination

25 October 2017 Press Release

Central Bank of Ireland
The Central Bank’s consistent priority remains to ensure that lenders identify all customers affected by their unacceptable failings and pay appropriate redress and compensation.

While some banks have engaged constructively, the behaviour of some lenders towards their customers in the review has been unacceptable. The Central Bank notes that apologies have now been forthcoming from all main lenders today. 

Governor of the Central Bank, Philip R. Lane said: “While we note the commitment of the banks to meet the requirements of the Central Bank and Government, given some lenders’ past behaviour, the Central Bank is under no illusion that this will require continued and concerted pressure to ensure all affected customers receive redress and compensation.

“It is now incumbent on the heads of the banks to ensure that all affected customers are identified, and to ensure that redress and compensation are delivered swiftly to those to whom so much distress has been caused.”

The Central Bank will continue to pursue lenders accordingly, in line with the Framework of the Examination.

This will ensure the majority of the 13,000 customers identified to date under the Examination will receive redress and compensation by year-end. Central Bank decisions regarding the groups of customers identified as part of the Examination and disputed by some lenders to date will be issued to lenders by mid-December.

Ongoing Central Bank enforcement investigations will continue to hold lenders accountable for their actions.

The Central Bank shares the concerns of the Minister for Finance that there are still significant and deep-rooted cultural issues and challenges with some banks. As has been previously articulated by the Central Bank, one of the fundamental expectations of banks is that they can be trusted, an expectation that certain banks are far from fulfilling. Comprehensively meeting their obligations to affected customers under the Tracker Mortgage Examination is an essential test of the attitude of the boards of these banks towards this issue.1

The Central Bank’s final decision on disputed groups of customers will be made and communicated to the banks as part of the supervisory process. This consideration does not impact on the ongoing payment of redress and compensation to other affected customers, as under the Central Bank’s Examination, the issuance of redress and compensation is running concurrently. Given the Central Bank’s assurance work is not yet complete, there may be further cases to be identified.


Numbers identified to date:

As per the Central Bank’s status update of 17 October, circa 13,000 affected customers have been identified to date 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.

Further identification work:

The Central Bank will continue to push banks using all of its statutory powers to ensure that all affected customers are identified and included in redress and compensation programmes. 

Tracker Mortgage Examination - Frequently Asked Questions


See ‘Transforming banking for customers: a regulatory perspective’, speech by Deputy Governor Ed Sibley at the BPFI 20 Oct 2017.