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

One of the rebuttals is that people are holding money on account on the basis of the belief that the resolution processes they are engaging in are unsustainable and that if they put that €15,000 or €20,000 in the pot, it will vanish in the next two years, leaving them with nothing.

I thank Mr. Boucher, Mr. Farrell, Mr. Mason and Mr. Prizeman for coming before the committee. The target figures are a process we will see over the coming 12 months. The 50% figure will be reached by year's end and the committee will wish to engage with the banks at that stage to see how the 50% figure is being reached. There seems to be an issue with getting the precise figures of the 20% resolution and the modelling going on. I hope we have resolved that and I hope Bank of Ireland can furnish us with those figures in terms of modelling.

We will meet the Governor of the Central Bank later this month. One of the outcomes that has arisen from meetings so far is the need to sit down and talk with the Governor about the definition of a resolution process. I thank Mr. Boucher and I welcome some of his remarks, particularly the noticeable increase in lending to SMEs, which is separate to those that are restructuring. That is a positive development and a topic on which the bank has engaged with us in the past. I propose suspending until 2.30 p.m. when we will resume proceedings with Ulster Bank. Is that agreed? Agreed.