Oireachtas Joint and Select Committees

Thursday, 28 September 2017

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

Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank

9:45 am

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

I thank the witnesses for coming before the committee. We were very eager to have KBC before the committee and I am glad that KBC has been able to facilitate that.

I am the finance spokesperson for my party. In his opening statement, Mr. Verbraeken referred to some of issues and the difficulties in terms of switching. KBC has great offers in terms of the reductions in interest rates for savers and those who have a current account with KBC. I opened an account with the branch but it is very difficult to do that, and I am a finance spokesperson.. It is not an easy system that is in place. The forms would put a person off, they are still lying on top of the fridge, even though I know there is money to be made in terms of switching. I think the committee should look into some of the obstacles that are there in terms of switching and how customers could get better value for money.

I want to focus on tracker mortgages. I found it incredible and it is very hard to shock me at this stage in terms of the tracker mortgage scandal, but on the question from Deputy McGrath, KBC failed to provide any figures at all on it. I can understand the bank's position to a certain point, which is that KBC wants to give the final figure and that is okay. I can understand the board's rationale for that but as for KBC's refusal to give the committee the number of individuals whom it has contacted, that is a number that is defined by the bank. I know the phase 2 investigation is ongoing and the number will change and probably increase or perhaps decease, but can KBC tell the committee the number of customers who have been informed that they are part of this review?

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