Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Before I call Deputy Higgins, I wish to clarify the matter of the information sought for this meeting. I am putting this point of clarity to this meeting and also because I am sure the communications units of the other banks are probably watching these proceedings. I am anxious to convey a clear message. When we arranged this series of meetings it was with the intention of the 20% target being reached at the end of June and looking at it in September. At the outset of the deliberations today I spoke specifically about that point, and other members have done so too. The communication that went to the different financial institutions due to appear before the committee this week stated, under my instruction, that the committee wished to carry out a review with the covered institutions with specific consideration being given to how the various banks are dealing with a series of issues, one of which is mortgage arrears and the target that by the end of June 2013 banks should have proposed sustainable mortgage solutions for 20% of their distressed borrowers. That 20% can be 20% that was arrived at for the last four or five years up to the end of June or it can be 20% of the distressed mortgage book that was worked on during the first two quarters of this year. That is not the issue. The issue is that these banks were instructed to meet the 20% target by 30 June this year. If Mr. Duffy does not have it to hand this afternoon, I am asking him for it as soon as possible because the committee will also be inviting the regulator and the Governor of the Central Bank to appear before it in the next couple of weeks as part of this module. We want to see where AIB is with its 20% in specific numbers and terms, that is, how many people, how many solutions for people and so forth. My message to the other banks that are watching the proceedings this afternoon is that when their representatives appear before the committee tomorrow and on Thursday, we will be expecting to get the same information from them.