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

My query is based on the cohort that Mr. O'Beirne knows exist. He will supply the committee with the data in writing. It would be helpful if the CEO included her reasons for concluding that the cohort are not included or impacted.

I wish to reconcile the numbers given by the CEO. Earlier today she said that overall 9,400 customers have been impacted. In her statement last November she said, "Approximately 4,300 customers will shortly be written to by the Bank with an offer of compensation", and further on she mentioned an additional 6,000 accounts. I understand the ballpark figure was 4,300 customers before the 6,000 customers were added. The CEO's colleague, Mr. Liam McLoughlin, told us last September that 602 customers, at that stage, were entitled to a tracker mortgage who were not on one. They are the clearcut cases that Mr. McLoughlin mentioned. He also said that between 3,000 and 3,500 customers were affected by the margin issue of 0.15%. Can the CEO clarify why the bank has calculated the overall figure as 9,400 after adding an additional 6,000 customers?

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