Oireachtas Joint and Select Committees

Thursday, 9 May 2019

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

Matters Relating to the Banking Sector (Resumed): Ulster Bank

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

How do the delegates find the dynamic within the market? Many individuals, including first-time buyers, see an attraction. I hold the view that they end up paying more in the long run because they are paying a higher interest rate, but it can be difficult for people to weigh up where their best long-term interests lie, and €10,000 or €15,000 upfront can be attractive if one is buying a home and needs to furnish it. How does this play out in the market? Cash-back packages are attractive to individuals on the one hand but the bank believes it is offering better long-term value. How is it finding people's ability to weigh it up and balance what is in their best interest?

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