It will be interesting to see how this works out.
Lets assume for argument's sake that Danske have roughly the same problems with trackers as the other institutions in Ireland with large tracker exposures**
It appears from this thread and correspondence I've seen that they are stonewalling their customers on the issue and that their review will manage to find no issues with their trackers.
Danske are unique in Ireland in that their operation here is just a branch of Danske A/S and they are therefore regulated by the Danish FSA. As far as I am aware all other foreign operations of note have set up a subsidiary here which is directly regulated by the CBI.
Danske's website states that they are, however, regulated by the Central Bank of Ireland for conduct of business rules.
Are the CBI willing to sanction a Bank that is primarily regulated by another authority?
If not, Danske customers would likely then be taking their complaints en masse to the FSO. At best this would be time consuming and costly. At worst, the FSO will side-step the issue by referring customers back to the fruitless result of the CBI tracker review.
I'll await the results of the Danske review but I suspect that their customers will need to organise and to kick up a fuss both in Ireland and in Denmark if they wish to get results.
https://www.askaboutmoney.com/threads/danish-journalist-looking-for-danske-bank-customers.205886/ Link here to another thread where Danish journalist is seeking details of tracker breaches.
**I've seen one friend's Danske case with clear breaches of the CPC. Based on this breach - its appears to be a systematic issue in Danske and so I am comfortable assuming that they have large numbers CPC breaches across their tracker book.