Moreover, by communicating clearly with the public, the Eurosystem reinforces its credibility and signals that its monetary policy is appropriately geared to the maintenance of price stability. In this regard, the Eurosystem’s approach bears comparison with the ‘best practices’ of any other central bank. Accountability is the counterpart to independence.
Prior to 2015, we pursued tracker mortgage issues with a number of individual lenders and ensured 7,100 cases were resolved in favour of affected customers. We also took enforcement action against Springboard Mortgages Limited, resulting in a reprimand and monetary penalty of € million, the highest penalty ever collected by the Central Bank further to an enforcement investigation.