Report: Tracker Examination Drawing To A Close

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From the Irish Times today - there's an extensive interview with the Central Bank Governor where he chats about his aspirations to be appointed to the ECB. He discusses the Tracker Examination and how the public pressure this time last year caught them off guard.

He mentions that their next presentation/submission to the Finance Committee will happen in January and that there will be a further increase in impacted customers. It seems this should coincide with the conclusion of their audits although the tracker examination will continue through 2019.

A final report is expected “in the early part of next year” as the regulator completes its validation of banks’ figures, he said.

Interestingly the article publicly identifies Ulster Bank as being a laggard in respect of their redress schemes, which is "apparently" mainly down to their legacy IT systems (I'm only summarising here, don't shoot the messenger).

Finally he discloses that a number of banks will have their investigations concluded in 2019 and that some will be subject to mult-million Euro fines.

One of the two articles which contains more information on the tracker redress issue can be read here: https://www.irishtimes.com/business/financial-services/banks-in-1bn-tracker-mortgage-scandal-face-fines-next-year-1.3715224
 
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