Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Mr. Sibley made many critical comments on banking culture at a recent Banking and Payments Federation Ireland conference. Mr. Sibley stated that the Central Bank does not have a preference for loan sales, which we have heard previously. He has stated that the banks are not giving enough prominence to the benefits of long-term restructuring in terms of their troubled customers. Mr. Sibley raised questions about whether the banks truly value customer relationships and questioned the type of advertising and the slogans that banks are using compared to what is happening on the ground. Can Mr. Sibley expand on the remarks to which I refer?

Along with many others, I would probably say that the Central Bank has come to this late in the day. The Central Bank remained quiet as banks sold thousands upon thousands of family homes to the vultures and then, when most had been sold and when the figures for non-performing loans in banks are coming down closer to the European average, bank suddenly finds a conscience and starts to say some of what members in this committee have been saying for quite a while. Consumers have been looking for the Central Bank, in the context of its consumer protection role, to protect them or to say something in clear terms, but it stayed out of the debate. Much damage has been done. I welcome Mr. Sibley's comments, but maybe he could expand further because what consumers are saying to me, particularly those who have had their loans sold on, is that they are finding it difficult to deal with vulture funds and wonder why the Central Bank did not say this two years ago.