The Central Bank of Ireland (CBI) yesterday provided an update on its ongoing industry-wide examination of tracker mortgages involving 15 lenders.
In its initial update in December, the CBI indicated that it had identified c.8,200 impacted accounts where a right to or the option of a tracker rate of interest or the incorrect tracker rate was not provided to the customer.
This figure has now increased to c.9,900 accounts.
The Central Bank have noted that at end-December 2016, nine lenders had submitted phase two reports (involving full review of mortgage portfolios and detailed report submission), with the remaining six financial institutions still engaged in their Phase 2 reviews.
The Central Bank requires all lenders to complete the phase two stage no later than end-September 2017. In terms of remediation, interest rates have been rectified on more than 90% of the 9,900 accounts identified with a total of €78m of redress and compensation fees paid to c.2,600 customers.
Source: www.businessworld.ie
