Dáil Éireann Debate, Thursday - 11 December 2025
361. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has received any reports, briefing material, or supervisory updates from the Central Bank following Ulster Bank's public communications of June 2025 concerning repayment miscalculations on approximately 90,000 mortgage accounts; and the Department's current understanding, based on that material, of the scale and nature of the issues arising. [71171/25]
View answer362. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the statutory supervisory and consumer-protection obligations that apply to the Central Bank when a regulated lender publicly confirms widespread repayment calculation errors; and if those obligations require the Bank to consider any additional account changes described by the lender as "not associated with this error". [71172/25]
View answer363. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if the issues publicly disclosed by Ulster Bank in June 2025 meet the criteria for mandatory review under the Central Bank's supervisory framework, the Consumer Protection Code 2025, or any related regulatory protocols; and the steps these frameworks require in circumstances where repayment inaccuracies affect a significant number of mortgage holders. [71173/25]
View answer364. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if his Department has undertaken any assessment of consumer-protection risks arising from the repayment errors and the additional account changes referenced in Ulster Bank's June 2025 customer letters; and the Department's understanding of the potential implications for borrowers whose loans have since transferred to other institutions. [71174/25]
View answer365. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if the Central Bank has initiated, or is considering, a system-wide thematic review of mortgage-repayment calculation accuracy across all lenders in light of Ulster Bank's June 2025 disclosures; and the Department's understanding of the purpose and scope of such a review where applicable. [71175/25]
View answer366. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the governance and reporting arrangements that apply between the Central Bank and his Department in circumstances where a regulated lender publicly confirms widespread customer-impacting errors; and the manner in which the Department satisfies itself that statutory consumer-protection obligations are being met in such cases. [71176/25]
View answerI propose to take Questions Nos. 361, 362, 363, 364, 365 and 366 together.
The Central Bank of Ireland is the independent supervisor of all regulated financial service providers.
The Central Bank of Ireland has a wide range of regulatory functions in relation to the supervision of such entities, and it also has a wide range of powers to enable it to carry out those functions as provided for in the Central Bank Acts, other designated enactments, regulations and codes of practice.
All regulated entities must comply with the relevant provisions of those enactments, regulations and codes, including as applicable the Consumer Protection Code.
If a regulated entity fails to comply with a relevant legislative or regulatory provision, including a consumer protection regulatory provision, it is a matter for the Central Bank to investigate and enforce such provisions as its considers necessary or appropriate having regard to the circumstances of the particular case.
The Central Bank is independent in the decisions it makes in relation to such matters, and it does not report to the Department of Finance on its engagement with individual regulated entities.
However, it should be noted that the Central Bank issues public statements at the conclusion of enforcement actions and in respect of other enforcement actions, and this information is available on its website.
In general, the Central Bank aims to ensure that regulated firms are financially sound and safely managed, and that they operate honestly, fairly and professionally in the best interests of its customers and the integrity of the market.
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.
