Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I welcome Mr. Masding and his colleagues to the committee. I also welcome the fact they have attracted new deposits to the bank while reducing some of the ratios bearing down on it. They have a difficult job which is not made any easier by the fact the bank still seems to be in limbo, not knowing which way it will end up. There has been much speculation about mergers with Ulster Bank and what the European Commission will approve. Hopefully, we can get the bank working as an independent institution fit for purpose again.

The figures the bank presented today show the crisis in mortgage arrears facing many families across the State. The bank claims 15% to 20% of its customers in mortgage arrears are engaging with the bank. The majority of them may feel it is the bank which is not engaging with it. Some of the professional advocates on the front line of dealing with mortgage arrears also believe the banks are not offering the suite of solutions for such cases identified by the Central Bank.

The bank claims it is conscious of vulnerable customers. What is the bank’s definition of a vulnerable customer? How does it deal with them? I have spoken to the bank about an elderly couple from Kilkenny in mortgage arrears whose house is valued well below €100,000 and requires significant renovation. The wife is in poor health having had a stroke and needs medical help which means her husband is her full-time carer. The bank’s solution to dealing with their arrears is for them to leave their house and the remaining debt goes with them. What steps does the bank take in such circumstances to ensure that couple’s needs are met or does it just continue with the legal proceedings?