The timelines have necessarily taken account of the size of the relevant lender’s loan book, the scale and complexity of issues in the lender, and the complexities associated with completing a thorough review, in line with the key objectives of the Examination.
By this date, the Central Bank expects all lenders to have identified all affected accounts, stopped further harm, and have commenced engagement with most impacted customers. The Central Bank is rigorously monitoring the completion of this work. Phase 3 of the Examination relates to the calculation of redress and compensation for customers identified as having been affected by tracker mortgage related issues.