Tracker Mortgage Examination

Background

Since 2010, the Central Bank of Ireland has identified and pursued tracker mortgage-related issues with lenders. As new issues continued to emerge, we decided that a system-wide review was necessary, to ensure that all lenders are acting in their customers' best interests.

We wrote to 15 lenders in December 2015 setting out the framework for carrying out the Tracker Mortgage Examination. The Examination covers all mortgage lenders who have sold tracker mortgages in Ireland at any time in the past. It covers both banks and other regulated lenders, and also includes lenders that are no longer selling mortgages as well as mortgages that have been redeemed or switched to another lender.

The Examination requires all lenders to examine:

• The extent to which they met their contractual obligations to their customers
• Their compliance with their obligations under relevant consumer protection regulations in their dealings with their customers
• Their communications with customers in respect of these matters.

Progress updates

The Examination is progressing and all lenders having commenced redress and compensation. The results are becoming evident in terms of the numbers of people identified and the scale of the redress and compensation paid. Regular progress updates on the Examination have been published and a final report was published on 16 July 2019 setting out that the supervisory phase of the Examination is concluded.

Information for consumers:

• Explainer – What is the Tracker Mortgage Examination?
• Tracker Mortgage Examination – FAQ
• Explainer - What enforcement powers does the Central Bank have?

See also:

• Previous examination updates:  February 2019 update, April 2018 update, December 2017 update, October 2017 update, March 2017 update, December 2016 update, July 2016 update and April 2016 update.
• March 2019 statement by Governor Philip R. Lane to the Oireachtas Committee on Finance, Public Expenditure and Reform.
• January 2018 statement by Governor Philip R. Lane to the Oireachtas Committee on Finance, Public Service and Reform 
• 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
• Further information on our enforcement approach