Oireachtas Joint and Select Committees

Thursday, 5 July 2018

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

Banking Sector in Ireland (Resumed): Bank of Ireland

9:30 am

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

I have a brief question on tracker mortgages. I also wish to raise an issue that I have raised on a number of occasions when the witnesses were before the committee. I refer to the bank's staff and how the tracker mortgages issue is being resolved for them or not resolved as the case may be. Some staff members had a two-year fixed product. In the internal systems of the bank, to which many of them had access, it was clearly stated that they would roll onto a tracker mortgage. This was unilaterally switched on the accounts in November 2008. However, no staff member signed or agreed to that change.

Do the witnesses not believe they have an entitlement to redress and compensation given their understanding of what was available to them, according to the Bank of Ireland computer screens, was that their product would automatically roll on to a two-year tracker mortgage? Does this not come into conflict with the clear statements from the witnesses and the bank of a customer-centric approach in dealing with this issue?

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