Gerry Horkan (Fianna Fail) | Oireachtas source

It just sounds like the premise was to set up the GRG in order to retain customers. It is my contention that it was not a great success, given that only 5% remained with the group in the long term. I accept that some of the companies involved might have survived under different ownership, but we cannot know if that would have been the case.

My final question concerns the 1,000 or so accounts of the so-called "switchers". Of the 3,500 mortgage customers in question, 1,000 or so are no longer customers of Ulster Bank. How have they been contacted? The bank presumably has details for some of them, but they may not be up to date. Some of the customers may have died; some may have moved house and some may have emigrated. Of the 1,000, with how many has Ulster Bank been in contact? I do not mean merely writing them a letter; how many of them have actually interacted with the bank? Are we talking about 400 or 950? Does the bank have an ongoing relationship with most of them? It is clearly the case that the records held by the bank of the people concerned are not as up to date as they are for existing customers. Some of them would have moved without getting in touch with the bank; therefore, it might not be aware of it.