Finance Spokesperson, Michael McGrath TD, said: "As we approach the end of January 2017, thousands of mortgage holders in Ireland who should be on a tracker rate continue to be overcharged by their banks.
"Incredibly, the Central Bank has not imposed any deadline on the banks for customers to be put on the correct tracker rate. This is having an enormous impact on the mortgage holders affected. For example, a family with a mortgage of €200,000, paying a variable rate of 4% instead of a tracker rate of 1%, are being charged an extra €6,000 in interest every year or €500 per month.
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"In a statement from the Central Bank last month, we were told 'based on current progress we expect that relevant lenders will have identified and commenced engagement with impacted customers by mid-2017 with payment of redress and compensation, processing and consideration of any appeals'.
"This pace of progress and lack of urgency is simply not acceptable. The Central Bank has to ensure that customers who are being wrongly denied a tracker rate or who are being charged the wrong tracker rate are put on the correct rate without delay."
(CD/LM)
