Update on Ulster Bank’s Tracker Mortgage Examination

Tracker mortgage examination

Tracker Mortgage Examination

Tracker Mortgage Examination Public Statement

Ulster Bank has made payments to over 2,500 customers so far and is on track to complete payments to 3,490 customers by the end of June 2018.

Following engagement with the Central Bank of Ireland, we are now in a position to confirm that between 1,500-2,000 additional customers are impacted by the examination. The exact number is subject to completion of the Bank’s internal file review process and then assurance by the external, independent third party, KPMG.

We are currently working to correct the rates (stop further harm) on these newly identified customers and this will be complete by the end of Q3. We expect to substantially progress the redress and compensation payments to these customers by the end of Q3, with all of these customers to be completed in Q4.

Ulster Bank acknowledges the time it has taken to finalise these cases. In all situations where there is confusion due to terminology in documentation, we have erred on the side of the customer.

While we expect that remediation will be complete by the end of this year, the appeals process will be available to customers beyond that point and for 12 months following receipt of remediation.

Ulster Bank Chief Executive, Gerry Mallon said:

“Last year we confirmed that we had identified 3,490 customers who were impacted by the Tracker Mortgage Examination. To-date, we are on track to pay redress and compensation to all of these customers by the end of June.

“Today, we can confirm that, following engagement with the Central Bank of Ireland, we have now identified an additional 1,500-2,000 customers who are due a tracker adjustment or a restoration to a tracker rate. We have spent the last number of months on file review to ensure that this is put right for all impacted customers.

“I want to reiterate my apology to these customers for the time it is taking to make this right. We continue to concentrate on making this right for customers and we expect to complete this process by the end of this year.”

The Appeals Process

The Appeals Process is an independent process established by Ulster Bank Ireland DAC, in line with the principles outlined by the Central Bank of Ireland, to provide you with the right to appeal if you are unhappy with any aspect of your redress and compensation offer.

You can appeal any aspect of your redress and compensation by requesting and completing an Appeal Form. Your appeal will be assessed by a fully independent Appeals Panel in accordance with the Terms of Reference and Procedural Rules.

For more information on the appeals process, see our Question and Answer section below.

Should you require any additional information or support, please contact the Tracker Mortgage Examination Helpline and advise our team of this on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad.

Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded for training and quality purposes.

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