Oireachtas Joint and Select Committees

Tuesday, 30 January 2018

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

Tracker Mortgages: Bank of Ireland

7:10 pm

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

Ms McDonagh said the original 600 were denied their legal right. Obviously, the bank was on the wrong side of the law in those cases. She said it was black and white. Why did this happen and why was it resisted until 2016? If it was so black and white that the bank was in breach of the law and was denying the customers their rights, has Ms McDonagh come to a conclusion or been told formally or informally how this happened within the bank? Not only were 9,400 customers impacted in the latest tranche, but we see that in 2010 there were an additional 5,100 customers, which takes the total to 14,500. Who was responsible for this? Was a decision taken? We asked Ms McDonagh a specific question as to whether targets were set within the bank to reduce the number of tracker mortgages and if bonuses were awarded for reaching them. She says there is a review ongoing and all the rest but I want to hear if anyone at this table is aware of any targets or remuneration packages for reaching them.

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