Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Regarding the issue the Chairman raised about loans being sold on, I am concerned that where loans have been sold on, the people involved will not be contacted. Ulster Bank, for example, gave us its figures: it has identified 3,500 impacted customers, 2,500 of whom have been restored onto the correct rate, while 1,000 have redeemed or switched lenders. That is quite a high proportion. Close to a third of its impacted customers are no longer mortgage customers of the bank. Furthermore, many of the 15 lenders in scope sold on their entire book, which may have been sold on again. What confidence does the Central Bank have that contact will be made with the end customers who were affected? Is there not a risk that many of these people will fall through the cracks and never be contacted?