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’
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
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
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.