Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

They obviously cannot make repayments. They are trying to make a start in life again and Bank of Ireland is putting them on the hook until they pay everything. If I was a banking analyst, I would recommend buying Bank of Ireland shares at one level because I think it is screwing everybody to the point that it is getting every last penny it is owed out of them. As the State is a shareholder, we have an obligation to see the bank do well, but I think it has gone over the top on it. I think it is doing damage to the brand of Bank of Ireland. People in this country talk. Bank of Ireland is an outlier in the way it is treating people. My key point is that it is too harsh.

Accountants and financial consultants throughout the country will say that Bank of Ireland is the last institution people want to deal with on mortgages and debt. The witnesses are potentially damaging the brand. As a shareholder, I say that is not good enough. AIB stands in much better stead with the public because it is writing down money and restructuring debts. It is not coming after people to screw every last penny from them or forcing them to give up their personal homes.

I have a fundamental problem with much of this. At one level Bank of Ireland has a licence provided by the Central Bank. The State bailed it out. I do not want to get personal and I wish the witnesses all the very best in what they are trying to do. However, their line of tack is wrong. Bank of Ireland is given a licence by the institutions of the country to do the best thing by the people. I believe the witnesses need to re-evaluate. I will be writing to the Minister for Finance, as the custodian of the 14% stakeholding. I will be writing to the public interest directors. I think the brand of Bank of Ireland is potentially damaged at the moment, largely due to the policy it pursuing. It needs to ease off a little. It has gone too far with it on many fronts.