Central Bank Publishes Update Report on Continuing Examination of Tracker Mortgage Issues

23 March 2017 Press Release

 Houses in a row

  • Report sets out progress being made by lenders in completing review. Details on Examination Framework, Principles for Redress and the Appeals Process published.
  • At end February, 9,900 impacted customer accounts identified by lenders. Of this, approximately €78m has been paid out in redress and compensation to approximately 2,600 accounts to date.
  • Lenders are expected to identify all impacted accounts by end September 2017.
    Enforcement activity set out – one investigation has concluded with two others ongoing.

The Central Bank of Ireland has published a report providing a further update on the Examination of Tracker Mortgage Related Issues. The report is the latest in a series of status updates since the Examination commenced and sets out the progress being made by lenders in completing the review. As at end February 2017 lenders’ reviews had identified approximately 9,900 impacted customer accounts. The report also sets out information on the Central Bank’s enforcement powers and activity in response to the tracker mortgage issues identified to date. The Examination Framework, the Principles for Redress and the Appeals Process set out by the Central Bank have also been published, in conjunction with the report.

The immediate focus of the Examination is to ensure that the interests of impacted customers are protected and that lenders prioritise the identification of impacted customers. Under the Principles for Redress lenders must stop further harm to impacted customers at the earliest possible time and must put in place a redress and compensation programme to fully address the impact their actions have had on impacted customers. The Principles for Redress also set out the Central Bank’s expectations for lenders to provide, amongst other things, additional payments to allow impacted customers to seek independent professional advice. Some lenders have already commenced redress and compensation payments. At the end of February approximately €78m had been paid out in redress and compensation to approximately 2,600 accounts identified as part of the Examination.

The Tracker Examination is a priority for the Central Bank and it has set specific timelines for lenders to complete Phase 2 of the Examination which identifies impacted customers, the last of which will be completed no later than end September 2017.

The Central Bank will take appropriate supervisory action, up to and including enforcement action where necessary, in order to ensure lenders deliver fair outcomes for impacted customers. Enforcement activity will be influenced by the outcome of the reviews currently being conducted as part of the Examination.

In line with the process to date, the Central Bank will continue to provide updates throughout the Examination. A further update will be published by the Central Bank in Autumn 2017 and a final report will also be published after the conclusion of the Examination.


  • Read the full report
  • Framework for Conducting the Tracker Mortgage Examination
  • Principles for Lenders when Tracker Mortgage Related Issues Identified for Redress (Principles for Redress)
  • Guidelines for the Establishment and Operation of an Appeals Process to Deal with Appeals Arising from the Tracker Mortgage Examination
  • Tracker Mortgage Examination – Clarification of Issues Raised by Lenders
  • Previous updates on the Examination are available here, here and here.
  • Further information on the Central Bank’s enforcement approach is available here