others clearly do not. and in some cases the position is unclear although a strong or reasonable argument can be made that they do provide cover. the framework is designed to identify and monitor insurers ’ approaches to these types of policies, to set out our expectations in relation to these, and to indicate that matters will be escalated where those expectations are not met. tracker mortgage examination as a result of our work on the tracker mortgage examination, lenders have been required to pay €708m in redress and compensation to 41, 700 affected customers. we are now well into our related enforcement investigations. as you probably know, last month we fined kbc more than €18. 3m for its tracker - related failings, which followed the €21m fine imposed on ptsb last year. investigations continue into the other main lenders. although we have concluded the supervisory phase of the examination, we continue to monitor the outcome of all complaints, decisions by the financial services and pensions ombudsman and court cases to identify any systemic or other issues with wider customer impact. credit unions finally, the committee has requested information about the central bank ’ s regulation of the credit union sector. credit unions are an important part of the irish financial system given their community presence across the country, their role in financial inclusion and the €16. 2bn 1 worth of savings they hold on behalf of their 3. 4m members. our role in regulating the credit union sector is to ensure that it operates in a transparent and fair manner and safeguards its members ’ funds. our tailored and proportionate regulatory framework and supervisory approach recognises the nature and scale of credit unions and also continues to evolve as can be seen from the recent changes to their investment framework which enable increases in longer term lending, including home mortgage and business lending. last month we published our latest report on the nature and type of risks identified during our supervisory work with credit unions. our analysis covers risks across governance, credit, operational risk, business model risk and investment, liquidity and capital risk. weaknesses were evident in a number of credit unions in each of the risk categories, including governance and credit underwriting. the report is intended to be a practical reference tool for all credit union boards and management teams. we expect them to consider and act on the findings. conclusion these are exceptional times and require exceptional responses to address the pandemic, sustain the economy and support the ensuing recovery when it comes. over the last seven months, we have

for consumers in markets whereby access to the banking sector has been limited so far. in this way, a credit history will be created from scratch at a much lower cost compared to the credit history databases that exist today. at the same time, creditors may get access to such databases on a fee basis, allowing them to receive a list of customers that have already been accessed. in order to get the borrower ’ s profile, no physical appearance may be needed nor any documents that usually accompany a loan application. credit scoring techniques may access data even from the consumer ’ s smartphone and the system will be able to identify potential credit risks with a significant level of accuracy. as certain confidentiality issues may arise, all appropriate technical and legal safeguards should be employed in order to assure all stakeholders of the confidentiality of the provided information. d. competition and level - playing field the establishment of a level playing field, regarding the competition of financial institutions may demand that they are equipped with similar tools, and no relevant restrictions or barriers exist within the eu member states. in turn, this means that credit - risk data may require a high degree of standardization. however, this is far from being the case today, as we are currently facing a fragmented system of national credit data sharing. apart from operating at a national level, a number of challenges arise for calculating and comparing data coverage figures on customers across countries, as each credit bureau does not necessarily collect information on the same population across countries. the european credit research institute has conducted a survey commissioned by 2 / 5 bis central bankers'speeches accis ( 1 ) which provides a list of credit bureaus operating in european countries and underlies the aforementioned challenges. as a result, competition in the information industry within the eu is almost absent. the market for credit data remains national and hence, commercial credit bureaus do not face competition. the eu should have been the relevant market for credit data by ensuring a level - playing field for all credit bureau participants. conditions may improve through the interlinkage of information flows to the various credit bureau stakeholders. more specifically, as information flows between suppliers andand users of information increase, the interlinkage between the national credit bureaus should increase as well, by incorporating more information from customers. in such an interconnected network, all stakeholders would find it more attractive to join. the more sources are connected to the network, the more detailed credit knowledge becomes the more useful it become for risk - management purposes. e. regulatory and supervisory initiatives