John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

To give an example, I wish to tell Mr. Stanley about one of his customers who tried desperately to negotiate with the bank. The person thought a deal was done only to find out that was not the case. That is typical of banks, not just Ulster Bank. He allowed a person onto his premises to do a structural survey for what he thought was to be a loan and the sale of the property to him, only to find out that in fact, a valuation of the property was being conducted. It was not a survey at all, it was a valuation. The day before Christmas Eve in a particular year he was advised that the building had been acquired by a vulture fund, even though the individual believed he was in negotiations with the bank. He said the receivers and vulture funds are being allowed to rape and plunder decent, hard-working Irish companies that had no hand, act or part in the collapse of the Irish economy. That is the experience of one particular individual. He also pointed out that an offer to purchase was recommended for acceptance within the bank. He said the main reason for time dragging on was caused by the banks and, lo and behold, the next thing he was told was the property had been sold to a vulture fund.

The same thing happened with a client about whom I spoke to Mr. Stanley at one of the previous meetings. He had two buy-to-let properties and the rent from them was going to fund his home. The bank knew it. That was part of the deal that was done but the bank sold the buy-to-lets. The minute the bank did that it was game over for the person. Those are the types of stories about actions by the bank that cause me to believe that the underlying culture within the banks has not changed. I would like more evidence through this committee in order to reflect on it and understand where the bank is going. Between the GRG, business loans and so on, the banks collectively have ruined families and businesses in this country. The banks can say sorry all they like but the evidence exists that they have entered into interactions with customers that have led them nowhere but disaster.

That is just unforgivable, in particular when I think of the amount of taxpayers' money that went into banks. I have not changed my mind. I am trying to be fair to Mr. Stanley but I find it shocking that that culture is still there.