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

In respect of the correspondence Bank of Ireland is sending out to customers who are included in the examination, are within scope and are being advised of how much redress or compensation they are entitled to, I think the manner of the correspondence is quite confusing. It sets out a table showing the interest that they were charged and what they should have been charged. It is very difficult for anyone to work it out themselves, even for a financial adviser. I would have thought it would be easier to issue revised annual mortgage statements along the normal lines with the correct interest rate and the actual payments made, so that somebody could see the difference very clearly. Is Ms McDonagh satisfied with the format set out in the correspondence and has it been cleared with the Central Bank? Is she sure the bank has got its calculations correct in calculating the amount of interest that was overcharged?