Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I will move on from that. I want to raise another issue that I have raised privately with Ulster Bank and with the Central Bank. I understand Ulster Bank is sending out new mortgage contracts or updating the terms of contracts. A clause in the new contract has been brought to my attention. I ask the witnesses to explain the reason for it.

The new term the bank is inserting into existing mortgage contracts reads:

The Lender will not be liable to the Borrower for any loss of any description the Borrower may suffer if the Lender fails to perform any of its obligations under these Terms and Conditions as a direct or indirect result of anything outside of the Lender's reasonable control. This includes but is not limited to industrial dispute, failure or fluctuation of power or telecommunications supplies or any equipment or error in any software, error or lack of clarity in the Borrower's instructions, failure or delay in the supply of services to us by a third party. The Lender will not under any circumstances whatsoever by liable for any indirect losses or losses of profit.

The bank has entered into a legally-binding contract with its customers and now it is changing the terms of that to give it a massive get-out-of-jail card in respect of any loss that is the result of its own actions or those of third parties it has employed. Why does the bank think this is fair?