Oireachtas Joint and Select Committees

Wednesday, 4 September 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Financial Sector: Discussion with Bank of Ireland

10:25 am

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

One of the difficulties we encountered yesterday afternoon was that when we broke down the figures with Allied Irish Banks, there was a point of contention as to what was and was not a resolution. Part of that is that while a communication to a customer to try to bring him or her into a resolution process or even to try to get a financial statement from him or her is helpful, the outcome is not a resolution as it is still in process. That is a legacy issue from yesterday afternoon. What we are trying to establish with Bank of Ireland is not those not being engaged with by the bank and those not in communication but those who are actually at the point of a resolution where a sustainable solution has now been agreed such that there is a future for them, with some level of hope that if they work through this process, they will be free of a burden of debt. That is the figure we are trying to get from Mr. Boucher.

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