Aidan Davitt (Fianna Fail) | Oireachtas source

I thank the Chairman for his strong actions earlier in terms of writing to the Central Bank again and also to Ulster Bank through NatWest. The Central Bank's arrogance towards this committee is disgraceful. It has no sound or track record, as alluded to by Deputy Durkan. It has anything but that. During the last crisis, when all the money was pumped into most of the banks, Ulster Bank was with the Royal Bank of Scotland, RBS, and stayed outside that particular scheme. The total arrogance of the Central Bank beggars belief. Ulster Bank appointed a new chief executive officer not that long ago and such a change brings reviews to explore where the business might be going or what might be best for it. I was not that shocked when I saw what was going on at first but the longer it has been going on and the more I have seen from this committee, the more I am concerned. If Ulster Bank had very little to hide and was being honest with us, it would come before us at this meeting and forum but, evidently, it is hiding something. That is why it does not want to come before us to answer questions. It is very evident it is hiding what its plans are. I would have given it a fair kick of the ball but the way this has gone on, and the way it has avoided and eluded this committee, means there is no doubt it is in negotiations with somebody who is probably not going to be too palatable to the Irish people. I would have serious concerns.

I have a question for Mr. O’Connell or Mr. McDowell. I would have strong concerns about AIB given there is considerable talk in the media about closures and staff losses. AIB is one of the banks that received massive amounts of money to keep it afloat. It nearly put our State to the edge at that stage in trying to keep our banks afloat. If AIB, which has already had a massive cost-cutting programme, sees that we have come through the pandemic with many branches and sub-branches having closed, and with staff having been put working from home and on short-time working and all sorts of different mechanisms to cut costs, it might believe this has worked and could be a way for it to get a greater return for its investors and help its stock price. I would be concerned about that. AIB has a duty of care and a debt to pay to this country, and it cannot be steered alone by what its stock price is. It owes more to this country than that. I would have serious concerns about what it intends to do next. Mr. O'Connell might shed light on that. What has been the experience of his members? What is he seeing on the ground?