Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The public interest directors were satisfied notwithstanding that they were seeking a cultural change in a bank which piled into 100% mortgages. They do not get it. The bank does not get what is required by the public. I have listened to this. I do not think the witnesses understand the role of public interest director. Mr. Considine mentioned the 2010 Act which provides in section 48 that the Minister may publish guidelines. Guidelines should have been published. When the witnesses interviewed Mr. Boucher, did they take into account the issue of 100% mortgages in 2005-06 in respect of which the rate of arrears is almost 15%, nearly double the rate in respect of other loans? Did the effect of the appointment on the image of the bank and public perception cross the minds of the witnesses and did they consider as public interest directors that it was the wrong thing for the bank?