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

I welcome the witnesses today. I put it to Mr. Masding that over the past 24 hours as these letters have landed in letter boxes we have all been contacted by a number of the affected customers. They do not have the opportunity we have but it is important to convey to Mr. Masding that some of them feel very betrayed and very angry. They are worried. They have these feelings because they co-operated with Permanent TSB. These are good customers who engaged. They faced up to their financial challenges and entered into restructuring agreements. They are honouring those agreements in full so they had an expectation that Permanent TSB would stay the course with them and that the loans were, essentially, good loans or loans that were well on the way to being cured. It is important to convey that to the witness. We are receiving a lot of contact and emails. It is important that people receive the reassurance they are being given, which is really what the substance and the core of this session should be about, to try to tease out exactly what this means for customers.

I shall come back to Mr. Ryan on the question asked by Deputy Burton. Pepper will have the legal title of the loans and the responsibility for making the decisions has been assigned to Pepper by Glenbeigh Securities