Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Will Mr. Makhlouf comment on the meeting that took place between the Taoiseach, the Minister for Finance, Deputy Donohoe, and the Minister for Business, Innovation and Enterprise, Deputy Humphreys, and the heads of the five retail banks in this State, and also including Mr. Brian Hayes, who represents the industry through the Banking & Payments Federation Ireland. I will quote some of the official minutes received under freedom of information by The Sunday Business Post. The minutes referred to the CEO of Bank of Ireland, Ms Francesca McDonagh, responding to a question, and noting that there were unavoidable costs associated with extending the loan period. She continued by stating that interest must be charged as required by the regulator. Mr. Makhlouf has just told us that is not the case.

Why does he believe the CEO of Bank of Ireland believed that was the case, and informed the then Taoiseach and the Minister for Finance of that? Maybe he could also give his view as to why Mr. Jeremy Masding, the CEO of Permanent TSB, said the approach being taken, which was required to prevent loans from being considered as going into default, was the right balance. Mr. Makhlouf just told us this was not required for loans to go into default. Maybe Mr. Makhlouf might comment on Mr. Colin Hunt's assertion to the then Taoiseach, the Minister for Finance and the then Minister for Business, Enterprise and Innovation, that the risk was clear that if interest was not charged there would be default and there would be a credit rating impact on the customer? Again, Mr. Makhlouf has just clarified to the committee that is also not true.