. the framework for the examination is a phased approach. phase 1 involved the development and submission of detailed plans by relevant lenders. this phase has been completed. phase 2 requires lenders to conduct the review of their mortgage loan books in line with our framework. these reviews are extensive in that lenders must review the underlying loan documentation and customer files for the in - scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand - alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer. in this respect, the central bank invoked its powers under section 22 of the central bank ( supervision and enforcement ) act 2013 to set specific timelines for lenders to complete phase 2 of the examination, the last of which will be completed by no later than end september 2017. 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. phase 4 relates to the implementation of a redress programme in respect of these customers. phases 3 and 4 may run concurrently with phase 2 and, as such, the central bank expects lenders to commence phases 3 and 4 as affected customers are identified. in that regard, and in accordance with our recent update, approximately €78 million has now been provided in redress and compensation to circa 2, 600 impacted customers identified as part of the examination. separately, sums of €36. 8 million and €5. 8 million in redress and compensation have been paid by ptsb and springboard mortgages limited in respect of 1, 374 3 / 7 bis central bankers'speeches accounts impacted as part of the aforementioned mortgage redress programme announced in july 2015, which predated the examination. due to legal requirements which restrict the degree to which i can discuss individual firms, i cannot provide a detailed breakdown by lender as to precise numbers

consumers in their purchase of insurance. similarly, both the committee and working group recommended substantive work be undertaken to improve data availability. the central bank, through the working group process, is the lead owner for a number of recommendations and actions in these areas and work has begun on implementation. in the area of renewals, the working group recommended that insurers provide additional information on the premium breakdown to consumers and that the renewal notification period be extended from 15 to 20 working days to make it easier for motorists to compare pricing when purchasing insurance. requirements for provision of information in non - life renewal notices are set out in the non - life insurance ( provision of information ) ( renewal of policy of insurance ) regulations 2007. in order to amend these regulations, the central bank is required to undertake a standard consultation process, including engagement with consumer stakeholders and industry. the consultation will be conducted in q4 this year, in line with the timeframes set out by the working group, with regulatory change, if required, in 2018. in the area of data availability, the working group has recommended the establishment of a national claims information database. the central bank is currently working with the department of finance and other stakeholders to define key aggregated statistical data on motor claims for publication in the near future, which will, in turn, assist with the development of the database in 2018 as recommended. it should be noted, however, that the database function will represent an extension of the central bank ’ s mandate and will therefore require legislative change. 5 / 7 bis central bankers'speeches as i said at the outset, the central bank is committed to working with this committee, the department of finance cost of insurance working group and other stakeholders in relation to this issue in ways that are appropriate to our mandate. brexit let me now turn to another priority area for the central bank : dealing with the implications of brexit and the impact of this on the financial system and the economy. our forecasts are for relatively favourable growth in the near term, supported by continuing recovery in underlying domestic demand. consumption and underlying investment is set to remain robust, supported by a strong labour market. the outlook for the irish economy however remains subject to uncertainty that pertains to a number of external risks, but most materially to brexit and uncertainty regarding the post - brexit trading relationship. last week the uk government triggered article 50 of the treaty, starting the two - year negotiation period. the european commission has suggested that