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

I welcome Mr. Jeremy Masding, chief executive officer, Permanent TSB, Mr. Shane O'Sullivan, managing director, asset management unit, AMU, Mr. Ger Mitchell, mortgages and consumer finance director, and Mr. Stephen Groarke, head of financial reporting. The format of the meeting is that Mr. Masding will make some opening remarks, which will be followed by a question and answer session. I remind members, witnesses and people in the Visitors Gallery that all mobile phones must be switched off. Members of the public are ringing in to complain because people are talking but they cannot be heard because mobile phones are distorting communications in the room. Witnesses should have their phones switched off or on flight mode. It is not sufficient to put them on silent mode as it creates a great deal of technological distortion.

By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to the joint committee. If they are directed by the committee to cease giving evidence on a particular matter and continue to so do, they are entitled thereafter only to qualified privilege in respect of their evidence. They are directed that only evidence connected with the subject matter of these proceedings is to be given and asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person or entity by name or in such a way as to make him, her or it identifiable. Members are reminded of the long-standing ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the Houses or any official by name or in such a way as to make him or her identifiable.

The primary outcome this committee wishes to achieve in engaging with the witnesses is to find out if Permanent TSB has met the 20% target set down by the Central Bank, and we will be seeking a statistical breakdown of how that 20% has been reached in terms of whether there have been interest rate adjustments, split mortgages put in place, mortgage to rent programmes and so forth. We also wish to find out if letters sent to distressed customers or customers who have not been in contact with the bank are included in the 20% figure. The specific issue we wish to deal with is the distressed mortgage book of the bank. We would also be interested to hear about other matters regarding the bank.

We intend to finish at midday so I ask both members and witnesses to be cogent and succinct in their questions and responses. I invite Mr. Masding to make his opening comments.