Dáil Éireann Debate, Thursday - 20 November 2025
257. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined the governance and lending practices of Finance Ireland, given reports in March 2024 that the institution advanced a loan of approximately €10 million to a company associated with a developer who benefited financially from a separate decision of An Bord Pleanála (details supplied); and if he will make a statement on the matter. [64744/25]
View answer258. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if he considers it appropriate for the State-owned Permanent TSB to pursue the acquisition of a financial institution engaged in lending practices of the type reported in relation to a company (details supplied); and if he will make a statement on the matter. [64745/25]
View answer259. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if any due diligence conducted by his Department or by Permanent TSB in respect of a company (details supplied) has considered the reputational or regulatory risks associated with its previous lending arrangements; and if he will make a statement on the matter. [64746/25]
View answer261. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if he or his officials have met representatives of a company (details supplied) since January 2023; if he will provide details of the dates and subjects of any such meetings; and if he will make a statement on the matter. [64748/25]
View answer262. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if any Irish-regulated banks or financial institutions have, since 2015, operated off-balance-sheet or hidden credit lines that involve direct or contingent exposure for the State or taxpayers; and if so, will he detail the institutions involved, the size and nature of those exposures, his Department's risk-assessment procedures; and the most recent date on which such exposures were reported within the Government's contingent-liability framework (details supplied). [64764/25]
View answer263. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance further to the concerns raised in a report (details supplied) report regarding undisclosed credit commitments in banking systems, if his Department has carried out any independent review in the past five years of off-balance-sheet or standby credit facilities within the Irish financial sector that could give rise to State or taxpayer liability; the criteria used by the Department and the Central Bank to classify such facilities as contingent liabilities for public-finance disclosure; if the findings of any such review have been presented to the Houses of the Oireachtas; and if he intends to introduce new disclosure requirements to ensure full transparency of these exposures. [64765/25]
View answer264. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance in view of the findings of the report "Hidden Credit Lines - The Largest Fraud Anywhere Ever", if Department has identified any Irish-regulated financial institution that entered into off-balance-sheet or standby credit-line commitments that give rise to direct or contingent State or taxpayer exposure; and if so, will he detail the institution involved, the size and nature of the commitments, and the most recent date on which these were assessed for public-finance disclosure. [64766/25]
View answer266. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To set out the oversight and monitoring mechanisms in place within his Department and the Central Bank of Ireland to detect hidden or off-balance-sheet credit lines in regulated banks, including whether account-level audits, stress tests or reverse-engineering of financial statements are conducted to identify unreported contingent exposures. [64768/25]
View answer267. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To detail how many regulated lenders operating in Ireland have transferred or securitised credit-line exposures, standby facilities or similar commitments since 2015; how many of these transferred exposures remain under scrutiny by his Department or the Central Bank; and whether any supervisory or enforcement action has been taken relating to such transfers. [64769/25]
View answer268. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To confirm whether his Department requires regulated lenders to publish account-level disclosures of standby credit lines or other contingent commitments that may affect borrower entitlements; and if not, whether he will introduce mandatory disclosure requirements covering all credit-line commitments that involve potential State or taxpayer exposure. [64770/25]
View answer269. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To set out whether his Department will publish a regional breakdown of any identified hidden-credit-line exposures, including figures for Munster and Cork; to provide the number of lenders involved, the approximate scale of exposures, and the estimated taxpayer risk; and to outline how borrowers in Cork city and county will be notified where relevant. [64771/25]
View answer270. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To state whether his Department or the Central Bank has commissioned any independent external review to examine the hidden-credit-line exposures referenced in the report; whether such a review includes analysis of any overlap with tracker-mortgage account failures; and whether he will commit to publishing the full findings. [64772/25]
View answer271. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To specify the deadlines his Department has imposed on regulated lenders for completing reconciliation and account-level verification of all standby or credit-line exposures that may involve State backing; to outline the current level of compliance; and to set out the sanctions for institutions that fail to meet those deadlines. [64773/25]
View answer272. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance To confirm whether the hidden-credit-line phenomenon identified in the recent report was considered during the Department's modelling of borrower redress under the tracker-mortgage framework; to state whether any borrowers may be adversely affected by hidden credit-line exposures, including through loan transfers or securitisations; and to outline how his Department will provide updated guidance to borrowers in Cork city and county. [64774/25]
View answer273. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance his Department's most recent estimate of total taxpayer-contingent exposure arising from hidden or off-balance-sheet credit lines within the Irish financial system; the assumptions underpinning that estimate; to state when it was last reviewed; and to confirm whether he will commit to regular publication and parliamentary scrutiny of such figures. [64775/25]
View answer274. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has examined historic balance-sheet restatements by regulated lenders since 2008 to determine whether any concealed or misclassified credit-line exposures were subsequently corrected; to provide the number of restatements identified; and to indicate whether any of these involved previously undisclosed contingent liabilities now known to the Department. [64776/25]
View answer275. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland's supervisory engagement model includes specific tests to identify hidden credit-line structures, including shadow-facilities, inter-affiliate lines or synthetic credit arrangements; and to confirm whether the Minister has requested enhancements to these supervisory tools in light of recent findings. [64777/25]
View answer276. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the instructions, guidance or circulars the Department has issued to regulated lenders since 2015 regarding the disclosure of contingent exposures, including off-balance-sheet commitments; and whether lenders have been required to re-examine their reporting of standby credit facilities or similar commitments. [64778/25]
View answer277. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance his assessment of the risk that hidden credit-line exposures may have influenced the sale, transfer or securitisation pricing of Irish mortgage portfolios since 2015; and to confirm whether his Department has examined whether any such exposures contributed to borrower misclassification, particularly among tracker-mortgage accounts. [64779/25]
View answer278. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance how many regulated lenders have reported unresolved credit-line irregularities, incomplete reconciliations or unexplained valuation adjustments to his Department or the Central Bank in the past five years; and to detail how many of those reports remain under investigation. [64780/25]
View answer280. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department is aware of any interaction between hidden credit-line structures identified in the recent report and the use of credit-default swaps, total-return swaps or similar derivatives by Irish-regulated institutions; and to detail any supervisory actions taken regarding such instruments. [64782/25]
View answer281. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Department or the Central Bank has identified any instance since 2015 in which a regulated lender used intra-group or inter-affiliate funding arrangements to obscure the true scale of its credit-line exposure; and to outline what corrective measures were taken in response. [64783/25]
View answer282. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether Irish-regulated institutions have provided the Department with full account-level reconciliation of all credit-line facilities assigned, transferred or re-priced during loan-book sales; to state how many such reconciliations remain outstanding; and to indicate when the Department expects all lenders to reach full compliance. [64784/25]
View answer283. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance what actions he has taken to ensure that borrowers whose loans may have been linked to hidden credit-line exposures are notified in a timely and transparent manner; to detail how such borrowers will be contacted; and to confirm whether his Department will publish regional figures for Cork city and county on affected accounts. [64785/25]
View answer284. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the Department's most recent assessment of the fiscal risk to the State arising from hidden or off-balance-sheet credit-line exposures held by regulated institutions; to detail the models used to calculate that risk; and to confirm whether updated risk estimates will be provided to the Oireachtas on a scheduled basis. [64790/25]
View answer285. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Department has carried out any macro-prudential stress tests that incorporate the hidden-credit-line exposures referenced in the recent report; to outline the scenarios examined; and to indicate what level of systemic vulnerability was identified. [64791/25]
View answer287. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether a fiscal-risk note, or internal briefing, was prepared by his Department following the publication of the report Hidden Credit Lines The Largest Fraud Anywhere Ever; and if so, whether he intends to publish that analysis. [64793/25]
View answer288. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has reviewed the potential interaction between hidden credit-line exposures and the liquidity positions of Irish-regulated lenders; and to detail any measures introduced to strengthen liquidity-risk management in response. [64794/25]
View answer291. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any regulated lender has notified the Department of potential revisions to its own internal risk-weightings or capital models as a result of identifying previously hidden or misclassified credit-line exposures; and to state how many notifications have been received. [64797/25]
View answer293. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance what engagement he has had with the Fiscal Advisory Council regarding potential implications of hidden credit-line exposures for medium-term fiscal sustainability; and whether the Council has been asked to independently assess these risks. [64799/25]
View answer294. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of loan portfolios containing tracker or variable-rate mortgages have been transferred, sold or securitised by Irish-regulated lenders since 2015; and to confirm whether full account-level audits were required before, during and after each transfer to identify hidden credit-line exposures linked to those loans. [64800/25]
View answer295. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has assessed whether hidden or undisclosed credit-line exposures influenced the pricing of loan-book sales to non-bank entities; and to detail the conclusions reached from any such assessment. [64801/25]
View answer296. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether non-bank entities currently servicing Irish mortgage accounts are required to declare any inherited credit-line exposures or standby facilities connected to the portfolios they acquired; and to indicate the number of such declarations that have been received. [64802/25]
View answer297. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the due-diligence requirements his Department has imposed on regulated lenders when transferring mortgage accounts to special-purpose vehicles, securitisation structures or affiliated entities; and to confirm whether these requirements include identification of hidden credit-line exposures. [64803/25]
View answer298. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland has identified any case since 2015 in which loan-servicing arrangements obscured or failed to disclose a lender's underlying credit-line exposure; and the corrective or enforcement measures that followed. [64804/25]
View answer299. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of mortgage accounts held by non-bank entities that are currently under review for possible misclassification, including tracker-mortgage customers; and to state whether hidden credit-line exposures form part of that review. [64805/25]
View answer300. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the safeguards his Department has put in place to ensure that when mortgage loans are transferred to another lender or servicer, borrower entitlements connected to tracker rates or contract terms are preserved and not compromised by undisclosed credit-line commitments. [64806/25]
View answer301. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any regulated lender has reported difficulties reconciling borrower entitlements after loan-book sales due to previously hidden or off-balance-sheet credit-line structures, and to detail how many such cases remain unresolved. [64807/25]
View answer302. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has reviewed the interaction between hidden credit-line exposures and the servicing standards applied by credit-servicing firms; and to state whether any amendments to these standards are being considered. [64808/25]
View answer303. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Department has established a central reconciliation framework to verify all credit-line exposures attached to transferred or securitised mortgage accounts; to state how many lenders have complied with that framework; and to indicate when full compliance is expected. [64809/25]
View answer304. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to set out whether his Department has examined the extent to which hidden credit line exposures contributed to borrower misclassification in the tracker mortgage scandal; and to state whether any such exposures remain unresolved at account level. [64810/25]
View answer305. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of tracker mortgage accounts remain under review for reinstatement redress or rate correction where loan transfers or securitisation structures may have obscured borrower entitlements; and to state the expected timeline for resolution [64811/25]
View answer306. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to outline whether regulated lenders have reported any inability to reconstruct original borrower records due to hidden or off balance sheet credit line structures; and to provide the number of cases where borrower data remains incomplete or disputed. [64812/25]
View answer307. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to state whether the Central Bank of Ireland has identified any correlation between hidden credit line exposures and failures in lenders contract interpretation relating to tracker entitlements; and to indicate what enforcement action followed. [64813/25]
View answer308. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the additional supervisory requirements that have been imposed on lenders to prevent tracker mortgage customers being moved off their correct rate due to unreported credit line exposures or loan servicing arrangements. [64814/25]
View answer309. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of tracker mortgage appeals that remain active how many of these involve disputes linked to account transfers loan book sales or undisclosed credit line commitments; and the deadlines set for final adjudication. [64815/25]
View answer310. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if the Department has reviewed whether hidden credit line exposures resulted in unjust financial gain to lenders at the expense of tracker customers; and to outline whether any mechanism exists for recovery of such gains. [64816/25]
View answer311. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether he intends to mandate lenders to provide borrowers with a full account level audit trail including all credit line commitments or transfers relating to their mortgage accounts; and to indicate what form this disclosure would take. [64817/25]
View answer312. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the specific protections are being developed to ensure that tracker mortgage customers whose loans are serviced by non bank entities are not disadvantaged by hidden credit line exposures or undisclosed intermediary arrangements. [64818/25]
View answer313. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether regional data will be published showing the number of unresolved tracker mortgage cases in Cork city and county including cases connected to hidden credit line exposures; and to state when this data will be released. [64819/25]
View answer314. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department plans new legal disclosure rules for all lenders covering hidden credit line exposures off balance sheet commitments and standby facilities; and to state the expected timeline for these rules. [64820/25]
View answer315. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department is preparing changes to financial reporting standards so that all contingent exposures including hidden credit lines are included in lender disclosures; and to indicate the consultation that has taken place with the Central Bank. [64821/25]
View answer316. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to outline whether any gaps exist in Irish or EU rules that allow lenders to operate credit line structures without full public disclosure; and to set out the actions he will take to close these gaps. [64822/25]
View answer317. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to state whether he has raised the issue of hidden credit line exposures at EU level; and to detail any cooperation planned with European institutions to address cross border risks. [64823/25]
View answer319. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to clarify whether his Department has engaged with UK authorities following the presentation of the report "Hidden Credit Lines The Largest Fraud Anywhere Ever" at Westminster; and to state whether any shared risks were identified. [64825/25]
View answer320. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to outline whether hidden credit line exposures could affect Irelands participation in EU banking union structures including the Single Supervisory Mechanism and the Single Resolution Framework. [64826/25]
View answer321. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to state whether any reviews are underway to strengthen cooperation between the Department of Finance and the Central Bank of Ireland in detecting hidden credit line exposures; and to indicate the expected completion date. [64827/25]
View answer322. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to provide details of any training or analytical resources being developed within the Department to identify off balance sheet structures including hidden credit lines synthetic facilities and intra group arrangements. [64828/25]
View answer323. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether he will publish a yearly transparency report on all contingent liabilities including hidden credit line exposures; and to state the planned scope and publication date. [64829/25]
View answer324. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to say if his Department has examined past lending models to see if hidden credit line structures distorted risk pricing for customers; and to state the findings. [64830/25]
View answer325. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if any lender has reported data gaps that prevented full identification of hidden credit line exposures; and to state how many such reports have been received since 2015. [64831/25]
View answer326. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to say if his Department has reviewed the role of credit rating agencies in assessing lenders that may have operated hidden credit line structures; and to state if inaccurate ratings created extra risk for the State. [64832/25]
View answer327. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to state if hidden credit line exposures were considered during the latest financial sector assessment review; and to outline any recommendations linked to Ireland. [64833/25]
View answer328. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to indicate if his Department has examined whether hidden credit line exposures influenced capital requirements for lenders; and to say if any adjustments are now needed. [64834/25]
View answer329. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to provide details of any governance failures identified in lenders relating to hidden credit line exposures including board oversight issues; and to state the follow up that has occurred. [64835/25]
View answer330. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if any lender has reported off balance sheet adjustments linked to hidden credit lines during annual or quarterly reporting cycles since 2018; and to confirm how many remain under review. [64836/25]
View answer331. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has reviewed whether hidden credit line exposures affected the valuation of bank shares or State held bank assets; and to say if any revaluations were required. [64837/25]
View answer332. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to outline whether hidden credit line exposures formed part of the risk analysis before the State exited shareholdings in bank; and to state if a post exit review has taken place. [64838/25]
View answer333. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if any internal Department warning notes were issued about hidden credit line exposures before the recent report; and to indicate if these notes will be shared with the Oireachtas. [64839/25]
View answer334. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined whether hidden credit line exposures affected the treatment of distressed mortgage accounts; and to say if any cases remain unresolved. [64840/25]
View answer335. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm if any lenders used hidden credit line structures when restructuring borrower loans; and to provide the number of cases identified since 2016. [64841/25]
View answer336. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures influenced decisions to sell or transfer distressed or non performing loans; and to state the oversight applied. [64842/25]
View answer337. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to say if his Department has reviewed whether hidden credit line exposures contributed to delays in resolving long term arrears; and to indicate what findings were made. [64843/25]
View answer338. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to indicate whether hidden credit line exposures created conflicts between loan servicers and borrowers in cases involving restructures or split mortgages; and the number of complaints received. [64844/25]
View answer339. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lenders reported errors in borrower affordability assessments linked to hidden credit line exposures, and to state whether corrections have been completed. [64845/25]
View answer340. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has reviewed the impact of hidden credit line exposures on the treatment of voluntary surrenders repossessions or personal insolvency arrangements; and to outline any risks identified. [64846/25]
View answer341. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures were considered in mortgage to rent assessments and to provide details of any cases where these exposures affected eligibility. [64847/25]
View answer342. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures created inconsistencies in lenders arrears resolution processes; and to state whether guidance has been issued to correct these inconsistencies. [64848/25]
View answer343. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if lenders have been directed to review all distressed accounts for possible links to hidden credit line exposures; and to state when the results of this review will be available. [64849/25]
View answer344. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined whether hidden credit line exposures influenced the setting of interest rates for any category of borrowers; and to state what findings were made. [64850/25]
View answer345. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lender reported the use of hidden credit line structures when calculating variable rate margins; and to indicate how many cases were identified. [64851/25]
View answer346. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures affected the calculation of break fees switching costs or interest adjustments for mortgage customers; and to state if any corrections are outstanding. [64852/25]
View answer347. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures contributed to inconsistencies in lenders rate change notifications issued to borrowers since 2015; and to provide the number of affected cases. [64853/25]
View answer348. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has reviewed whether hidden credit line exposures played any role in the withdrawal or alteration of tracker rate products; and to state what evidence has been gathered. [64854/25]
View answer349. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures influenced lenders assessment of customer eligibility for fixed rate or long term rate products and to provide details of any cases under review. [64855/25]
View answer350. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any regulated lender has acknowledged errors in interest rate calculations linked to hidden credit lines; and to provide the number of borrowers impacted. [64856/25]
View answer351. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures were factored into the Central Bank of Ireland's examination of mortgage switching competition; and to indicate whether any follow up action is planned. [64857/25]
View answer352. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures affected the pricing of mortgage products offered to first time buyers or regional borrowers, including Cork; and to provide the evidence available. [64858/25]
View answer353. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department will require lenders to conduct an interest rate review for all borrowers whose accounts may have been influenced by hidden credit line exposures; and when this review will begin. [64859/25]
View answer354. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined whether hidden credit line exposures influenced lender decisions on borrower credit histories; and to state the number of cases affected. [64860/25]
View answer355. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lenders used hidden credit line structures when assessing borrower credit scores or internal risk ratings and to indicate the number of such cases identified. [64861/25]
View answer356. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures contributed to inaccuracies in borrower repayment records or arrears histories; and the number of accounts remain under review. [64862/25]
View answer357. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures created inconsistencies in lenders internal credit reporting systems; and to state whether any mandatory system corrections have been ordered. [64863/25]
View answer358. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has reviewed the impact of hidden credit line exposures on borrower appeals to lenders or to the Financial Services and Pensions Ombudsman; and to provide the number of related appeals since 2018. [64864/25]
View answer359. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to provide details of any complaints received by lenders relating to errors in borrower account histories linked to hidden credit line structures; and to state how many of these complaints remain open. [64865/25]
View answer360. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures affected the fairness of lenders decisions regarding borrower restructures insolvency arrangements or alternative repayment plans; and to state what corrective action is planned. [64866/25]
View answer361. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lenders have reported that hidden credit line exposures interfered with the proper application of borrower protections under the Consumer Protection Code; and to state the number of cases involved. [64867/25]
View answer362. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures contributed to errors in lenders communication with borrowers including rate changes arrears letters or contract updates; and to provide details of any investigations underway. [64868/25]
View answer363. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department will require lenders to issue corrected borrower account statements where hidden credit line exposures led to errors or omissions; and to say when these corrected statements will be issued. [64869/25]
View answer379. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department analysed the potential for increased LPT liabilities to interact with mortgage affordability thresholds used by the Central Bank, particularly for first-time buyers. [64972/25]
View answer384. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined whether hidden credit line exposures influenced lender decisions on small business loans; and the number of cases identified. [65110/25]
View answer385. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether any lenders applied hidden credit line structures when pricing credit for SMEs farms or sole traders; and to provide details of any cases under review. [65111/25]
View answer386. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures affected the approval rates for business loans in any region including Cork and to indicate the evidence available. [65112/25]
View answer387. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lender reported errors in business customer credit assessments are linked to hidden credit line exposures; and the number of accounts remain unresolved. [65113/25]
View answer388. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to indicate whether hidden credit line exposures contributed to inconsistencies in loan restructures offered to small businesses; and the actions which have been taken to correct these inconsistencies. [65114/25]
View answer389. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether hidden credit line exposures affected interest rate setting for SME loans and to state whether any rate corrections are expected. [65115/25]
View answer390. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to outline whether hidden credit line exposures influenced decisions to sell or transfer SME loan portfolios and to say how many relevant transactions have been examined. [65116/25]
View answer391. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to state whether his Department has reviewed any impact of hidden credit line exposures on the credit guarantee schemes offered to small businesses and to provide the findings. [65117/25]
View answer392. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether lenders have been directed to review all business loan accounts for links to hidden credit line exposures; and when this review will be completed. [65118/25]
View answer393. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether regional business borrowers in Cork city and county were disproportionately affected by hidden credit line exposures; and whether regional data will be published. [65119/25]
View answer394. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has examined whether hidden credit line exposures influenced lenders treatment of savings accounts deposits or term accounts and the findings. [65120/25]
View answer395. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether any regulated lender reported the use of hidden credit line structures in managing customer deposits; and to indicate how many such reports have been received. [65121/25]
View answer396. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures affected interest rate setting for deposit holders including regional customers in Cork; and to provide any evidence available. [65122/25]
View answer397. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has reviewed whether hidden credit line exposures created liquidity risks that could impact deposit holders; and the measures which have been taken in response. [65123/25]
View answer398. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any lenders have acknowledged errors in deposit account classifications linked to hidden credit line structures; and the number of accounts which were involved. [65124/25]
View answer399. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if hidden credit line exposures were considered during assessments of bank resolution planning including the treatment of depositors and to outline any risks identified. [65125/25]
View answer400. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether hidden credit line exposures interacted with the Deposit Guarantee Scheme; and whether any adjustments to the scheme are under review. [65126/25]
View answer401. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether hidden credit line exposures created inconsistencies in lenders reporting of deposit inflows or outflows; and whether corrections have been ordered. [65127/25]
View answer402. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has examined any link between hidden credit line exposures and the capital or liquidity positions of banks that could affect depositor security; and to provide the conclusions reached. [65128/25]
View answer403. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to confirm whether an independent review will be commissioned to assess the full impact of hidden credit line exposures on both borrowers and depositors; and when the results will be made available to the Oireachtas. [65129/25]
View answerI propose to take Questions Nos. 257, 258, 259, 261, 262, 263, 264, 266, 267, 268, 269, 270, 271, 272, 273, 274, 275, 276, 277, 278, 280, 281, 282, 283, 284, 285, 287, 288, 291, 293, 294, 295, 296, 297, 298, 299, 300, 301, 302, 303, 304, 305, 306, 307, 308, 309, 310, 311, 312, 313, 314, 315, 316, 317, 319, 320, 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332, 333, 334, 335, 336, 337, 338, 339, 340, 341, 342, 343, 344, 345, 346, 347, 348, 349, 350, 351, 352, 353, 354, 355, 356, 357, 358, 359, 360, 361, 362, 363, 379, 384, 385, 386, 387, 388, 389, 390, 391, 392, 393, 394, 395, 396, 397, 398, 399, 400, 401, 402 and 403 together.
The Central Bank of Ireland has an independent mandate to preserve and protect financial stability in Ireland. Its statutory responsibility for protecting financial stability and the regulation of the banking and financial sector includes the supervision and regulation of banks, retail credit firms, credit servicing firms and other regulated financial service providers.
It is important to note that the Central Bank of Ireland is independent from Government in the performance of its supervisory, regulatory and macro prudential functions.
The Central Bank of Ireland has a wide range of regulatory functions, and the powers to carry out those functions, as provided for in the Central Bank Acts, including the Central Bank Act (Supervision and Enforcement) Act 2013, other designated enactments, regulations and codes of practice. All regulated entities must comply with the relevant provisions of those enactments, regulations and codes, including in relation to the provision of credit and the operation of credit agreements.
Within the framework of the legislative and regulatory framework, retail banks, including any bank in which the State has a shareholding interest, are commercial entities and they operate and report on that basis. This includes matters relating to the processing of credit applications, decisions on whether or not to provide credit (and how much credit to provide), and the pricing of such credit.
In relation to financial reporting, the Central Bank of Ireland advises that European Regulation 1606/2002 requires all listed European companies to prepare their consolidated financial accounts in accordance with EU adopted International Financial Reporting Standards (IFRS). In other instances entities may apply local Generally Accepted Accounting Principles. The International Accounting Standards Board is responsible for the development and publication of IFRS Accounting Standards and the Financial Reporting Council in the UK is the accounting standard setter for both Ireland and the UK.
The Central Bank of Ireland is not aware of any changes to financial reporting standards requiring that all contingent exposures, such as hidden credit lines, are included in lender disclosures.
The Central Bank of Ireland publishes a wide range of information and data on its website in relation to the banking and financial sectors. Other more granular data, such as the more detailed data sought by the Deputy, is not available in the public domain and not available to me as Minister.
The Financial Services and Pensions Ombudsman provides an independent, impartial, fair, confidential and free service to consumers of financial services to help resolve complaints. Consumers who have an issue must first raise it with their financial services provider. If they are not satisfied, they may then raise a complaint with the Financial Services and Pensions Ombudsman.
The Financial Services and Pensions Ombudsman has advised that it is not aware of receiving complaints in connection with the specific term of ‘hidden credit lines’. However, it should be noted that complaints can be couched in many different terms or cite different conducts.
In relation to meetings with financial providers, Ministers and officials regularly meet a range of stakeholders. Officials have met the financial institution referred to by the Deputy on a number of occasions. The previous Minister (Minister Donohoe) did not meet the financial institution referred to by the Deputy during his recent term as Minister.
A report on ‘Interest-Rate Swaps & Fixed-Rate Loans: Hidden Credit Lines’ was recently published by an organisation called ‘Bank Confidential’. This report raises a range of allegations primarily related to the sale of interest-rate swaps to small and medium enterprises in the United Kingdom.
According to the report, enterprises were availing of a financial product – an interest-rate swap – to fix the interest rate associated with variable rate loans. The issues raised include the enterprises not being fully appraised of the details of the financial product and the impact changing interest rates subsequently had.
The report refers to Ireland in several places, including the view that the allegations made in relation to the UK could also apply in Ireland and it also makes a number of observations in relation to the Oireachtas Banking Inquiry.
Consideration of any of the issues and allegations raised in this report, as they relate to the financial sector in Ireland, and any related interaction with regulated firms is a matter for the Central Bank of Ireland.
If any individual has specific information to suggest that a regulated firm is not complying with requirements under any aspect of the financial services legislative or regulatory framework, they should bring that information directly to the attention of the Central Bank of Ireland.
If a consumer is not satisfied with the way a regulated firm is dealing with them, or if it is not complying with the regulatory requirements, the consumer should make a formal complaint directly to the regulated firm in the first instance. If the consumer remains unsatisfied, they can then refer the complaint to the Financial Services and Pensions Ombudsman.
