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

There are several outstanding cohorts, the largest being the AIB prevailing rate issue, which involved about 6,000 customers. Permanent TSB has been implicated in a prevailing rate issue and a discounted tracker issue. Bank of Ireland was involved in a staff tracker issue. I am aware of outstanding issues with Ulster Bank. EBS has a variable base rate issue. In broad terms it is fair to say that the Central Bank has concluded its examination of individual cases and cohorts. I wish to ask about the possibility of the Financial Services and Pensions Ombudsman who will appear before this committee after the witnesses, finding in favour of customers in respect of complaints on these issues and those findings having wider application. For example, if he finds that in principle an AIB customer should have got a prevailing rate with a margin of 1% as opposed to 5% or 6%, how will that affect the rest of the population of that cohort? Will the ombudsman have to go through each individual case or will the Central Bank revisit its approach or expect the banks to revisit theirs in dealing with the basket of customers to whom the same principle applies?