Oireachtas Joint and Select Committees
Wednesday, 9 April 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Mortgage Arrears Resolution Process: (Resumed) Permanent TSB and AIB
2:05 pm
Mr. David Duffy:
I am disappointed on one level because the process is dictating through lack of engagement a response under the regulatory regime. It is like a programme. If I sit down and three have engaged and three have not, I have to send a letter to the three that is legal. We are trying to innovate outside the box and come back through the IMHO and others to engage with that population to bring it back to the table. We are managing a system rather than solving the problem and that has been one of the frustrations. Within the same context, I have mentioned that of the legal proceedings, the average duration of non-engagement is two years and that when it goes beyond that early stage to civil proceedings, it is three years. The statistics are derivative of reality. There is lack of engagement for two or three years, not three or six months, which I absolutely agree is frustrating.
Second, we were too caught up in the giant complexity around so many products, CCMA changes, audits and MART targets when none of these executes a solution for the customer. We had to turn completely around, which is why we are committing that what the committee is looking at now will not be the shape of what we deliver by the end of the year. We will get the bulk of this done on a solutions basis, regardless of the definition of targets.
No comments