Press release on behalf of Irish Bank Resolution Corporation Ltd. (in special liquidation) concerning the Central Bank of Ireland examination of tracker mortgage related issues
[Dublin, 3 April 2018]
In September 2015 the Central Bank of Ireland instigated a broad examination of tracker mortgage related issues (the “Examination”). The Examination covers all lenders which offered tracker interest rate mortgages. As the successor to Irish Nationwide Building Society and Anglo Irish Bank Corporation Limited, Irish Bank Resolution Corporation Limited (In Special Liquidation) (“IBRC”) was subject to the Examination.
IBRC has determined as part of the Examination that it fell short of its obligations to a limited number of customers in overcharging certain amounts of interest to those customers’ loan accounts. The cause of the overcharging of loan interest was principally due to human error in the inputting of the relevant details relating to those customers’ loan accounts.
IBRC has written to all impacted customers to notify them of the overcharging of interest to their loan accounts and to advise them of their options as a creditor (in respect of the amount of overcharged interest) of IBRC. The letters which each impacted customer has received in this regard set out, amongst other things, the extent of the overcharged interest applied to their loan accounts, the proposed redress payment to be made to them as a creditor of IBRC and the manner in which they may appeal any aspect of their interest claim.
Where an impacted customer is entitled to receive a redress payment in respect of the overcharged interest applied to their loan account, any such payment will be processed in a timely manner in accordance with the process set out in the correspondence to impacted customers.
Although it would have otherwise been required of IBRC as part of the Examination, in circumstances where IBRC is in special liquidation it will not make any payment to impacted customers for the purpose of enabling them to take independent legal and/or professional advice nor will an impacted customer be reimbursed by IBRC for any costs which they may incur in connection with any appeal.
Similarly, although it would have otherwise been required of IBRC as part of the Examination, in circumstances where IBRC is in special liquidation it will not make any compensation payments to impacted customers.
Please direct media queries for Irish Bank Resolution Corporation Limited (In Special Liquidation) to Jim Devlin at firstname.lastname@example.org or 087 2631057.
Any other queries in connection with the above information should be sent to Irish Bank Resolution Corporation Limited (In Special Liquidation), King’s Building, 152-155, Church Street, Dublin 7 or by email to email@example.com. Alternatively, a voice message can be left on IBRC’s dedicated mailbox (telephone number 01 244 1349) and IBRC will return the call as soon as possible.