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 Rose Conway WalshRose Conway Walsh (Sinn Fein) | Oireachtas source

I thank Ms McDonagh for her presentation. Notwithstanding the fact that she only joined Bank of Ireland in recent months, she has a key role to play in answering as to why money was removed from the accounts of over 10,000 customers. That is the key point. People will find it astounding that, from what I am hearing, the bank got legal advice on its contractual obligations, which instructed it to do something illegal, namely, to remove the money from those people's accounts. Can Ms McDonagh just explain that to me? Was it external legal advice or legal advice from within the bank? Does the bank still have the same legal advisers? It cost Bank of Ireland some €200 million.

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