Oireachtas Joint and Select Committees

Tuesday, 22 November 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector in Ireland: Permanent TSB

2:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is what Mr. Masding would like to do and it is what a lot of people have to do, but where is the accountability in all of this? This is a State-owned bank which robbed citizens of this country. When they were caught out by the High Court and the FSO, the people there decided to appeal that to the Supreme Court, which was within their rights. They made the wrong decision by taking that appeal to the Supreme Court but Mr. Masding has never apologised for it. Those decisions placed more hardship on these individuals. These individuals were sitting at home monitoring websites such as askaboutmoney.comand they saw what happened in the High Court. When the High Court made its decision, they thought that finally they would get their tracker rates back, keep their houses and put food on the table for their children. However, highly-paid executives within Permanent TSB, sitting around a board table, decided they were going to fight this. They took it to the Supreme Court, which took months before the decision was eventually taken to withdraw the appeal because the Central Bank review said Permanent TSB had to make right the wrongs it had done. That is the problem here. There is no accountability within the financial institution. Nobody will be held accountable for this. How can no one be held accountable for it? The bank robbed 1,372 of its customers. That is what happened here. The bank took their money. It is giving it back to them under the redress scheme but how come nobody will be held accountable for this within the financial institution or was held accountable when it became known that this was happening?

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