Springboard Mortgages Limited trading as Springboard Mortgages

The Central Bank has now commenced an examination of the wider tracker mortgage market. Pursuant to that review, the Central Bank has requested lenders dealing with tracker mortgage customers to review their tracker mortgage loan book to ensure that the lenders have met both their contractual and regulatory obligations to their customers, including in respect of disclosure and transparency of customer communications. The Tracker Mortgage Examination is a priority for the Central Bank and enforcement action will be considered where appropriate. BACKGROUND The Firm is a wholly owned subsidiary of permanent tsb p.l.c. (“PTSB”). It was an authorised prescribed credit institution within the meaning of Section 2 of the Consumer Credit Act 1995 and subsequently became an authorised retail credit firm as defined in Part V of the Central Bank Act 1997. The Firm ceased issuing new loans from June 2009. The Firm has now sold its entire loan portfolio to a third party. In January 2007, the Firm commenced lending and offered tracker interest rate products to customers. From August 2008 onwards, the Firm changed its mortgage product offering and no longer offered tracker interest rate products, instead offering only variable rate products. The breaches at issue in this investigation occurred primarily as a result of decisions taken by the Firm as to how the change in its mortgage product offering would affect customers with tracker entitlements.