Oireachtas Joint and Select Committees

Thursday, 5 September 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Financial Sector: Discussion with Permanent TSB

11:40 am

Mr. Jeremy Masding:

I understand why the Deputy keeps asking me to answer that question, but I must go back to the principles of the banking system in which I have grown up. The Deputy says he understands it and I know he does. He probably does not want me to reinforce it but it is right that I do. There is a priority of payment and there is a choice customers must make. The secured payments, by definition, must be that priority. I cannot make a judgment for what happens to the unsecured element. That is out of my control.

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