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As before, I've compiled a non-exhaustive list of questions for the Committee to pose to the Central Bank.
If you have some to add, please do comment below. Or if you want to copy/paste/mail go right ahead. Bear in mind that the Central Bank will not answer questions on individual customer complaints so it's important to keep it general or make a customer complaint specific to a generalised query.
Finance Committee Email: fincom@oireachtas.ie
If you have some to add, please do comment below. Or if you want to copy/paste/mail go right ahead. Bear in mind that the Central Bank will not answer questions on individual customer complaints so it's important to keep it general or make a customer complaint specific to a generalised query.
Finance Committee Email: fincom@oireachtas.ie
- How many banks have submitted their full and final reports on Phase 2 of the Examination to date?
- Can the Central Bank verify, on the record, which banks have complied in full and which have not? If the Central Bank cannot confirm this information, why are they withholding this information from the public domain?
- The Central Bank moved the Phase 2 deadline from September 2016 to September 2017. Is there a reason why it deems it acceptable to move the deadlines to accommodate the banks?
- At the last hearing before the Finance Committee, The Central Bank stated that they only have power to direct the banks to redress affected customers post 2013. Why did this only come to light recently and how can the Oireachtas put controls in place for customers pre 2013?
- If it is the case that the Central Bank says they have no powers can the Central Bank please clarify why they state 'The Statute of Limitations does not apply to the Central Bank’s powers to enforce compliance with regulatory requirements including those relevant to this Examination and does not negate lenders’ obligations to comply with the relevant regulatory requirements set out by the Central Bank. In their guidance document issued to banks in May 2016.
- The Central Bank advises that Phase 3 & 4 can progress while Phase 2 is ongoing, why are so many lenders being allowed to put customers on hold for redress?
- Would it not make more sense to direct immediate redress with compensation etc to follow?
- Ulster Bank for example say that the calculations are 'complicated'. The Finance Committee have access to a recorded phone call between Ulster Bank and an affected customer in January 2017 verifying their figures but asking them to hold for redress for a further 6 months. It is now October. The customer has still not had redress.
- The Central Bank advises banks to 'stop any further harm' to affected customers and to return them to their tracker rate as soon as they are identified. How come KBC in particular, but others, have identified customers and not contacted them yet?
- If the banks are to stop any further harm, why are customers who accrued arrears on their mortgages due to being on the wrong interest rate are being expected to continue to pay for the capital and interest on those arrears pending redress? For over 10 months now and counting. That is further financial hardship for the affected families.
- Why is redress taking so long for all banks?
- Can the Central Bank please clarify how it expects the banks to treat 'switcher' affected customers? Will their original lenders be expected to take them back onto their books under a tracker agreement? If not will they be compensated for the interest difference on their loans from the moment at which they switched?
- What is the Central Bank's position on the manufactured high tracker rate that Permanent TSB customers (and others) have been placed on? If they do not have a position yet, why not? The lack of clarity around this rate has been going on for far too long and putting customers under further stress and financial pressure.
- How many families lost their homes as a result of being on the wrong tracker rate? What is the Central Bank's position on their family home situation. Do they not think it is only proper and fair that they have a home reinstated to them?
- How many affected customers died from suicide between 2009-2017?
- How can an independent appeals committee be independent when it has at least one staff member on the panel?
- Why is it that some banks are withholding the names and qualifications of panel members from affected customers?
- Has the Central Bank identified all cohorts affected and if so, can they publish a list? If the cohorts have not all been identified, can the Central Bank publish a list of cohorts identified within each bank to date as a matter of urgency?
- Why is the standard of communication between the banks and their affected customers so poor? What about the useless helplines and letters that say nothing.
- Why is it taking so long to get action on the Examination? The Central Bank has been aware of this issue for many, many years at this stage.
- Does the Central Bank have enough staff to assist with the issue? How many staff are working on the project?
- How does the Central Bank propose to improve the speed of the investigation?
- Will the audit files be made available to an independent third party?
- Can the Oireachtas convene a Commission of Investigation into the Tracker Mortgage Scandal?
- Has this matter been referred to the ODCE and the Garda Fraud Bureau. If not, why not?
- Who is going to help the mortgage holders here? The Ombudsman has all tracker affected cases on hold. The Central Bank won't investigate individual complaints. Customers are feeling let down by all the agencies who are meant to be there to protect them.
- Is the Central Bank's consumer protection unit fit for purpose?
