Oireachtas Joint and Select Committees

Thursday, 11 October 2018

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

Sale of Property Loans (Project Glas) By Permanent TSB: Discussion

11:30 am

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

Fáilte chuig an choiste. Mr. Masding has talked about inflammatory comments by individuals and the care and respect that need to be shown to customers. I will put one case to him. It is the case of a loyal customer who banked with his bank for 20 years, who right throughout the recession continued to meet her mortgage repayments and who, in certain instances, went without fuel, food and all the rest to satisfy the repayments due to the bank. This year, however, she fell on harder times and had to enter into a restructuring arrangement with the bank, the terms of which she met for a period of six months. She was in the process of sending her standard financial statement to the bank when she informed it that she believed she had identified cancer cells in her body. Three days later it told her that the mortgage was being sold to a vulture fund, despite the fact that there were arrears if only €1,800 on the mortgage. Its letter to her - by this stage she was battling cancer and now had a second battle on her hands, to keep a roof over her head - stated she had to pay the full amount outstanding on the mortgage within two months if she wanted to prevent it being sold to Start Mortgages. In the context of that statement from one of his loyal customers, how can Mr. Masding sit there with a straight face and say his bank is showing respect and care to customers when clearly it is turning its back on them and selling their loans off to vulture funds?

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