Mairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

There were a number of speakers before me and if there is one thing I dislike, it is repeating questions that have already been asked. I will try not to do that. I welcome the fact that the witnesses have come before this committee today. I know this is something that we had asked for. The witnesses acknowledged that in their opening statement. We had been asking that they appear before us for some time because this has been a very worrying time for staff who have been dealing with a huge amount of uncertainty. In our engagement earlier today with the unions, I referred to the very real impact this must have had on the mental health of staff and the unions agreed. The fact that there was not earlier engagement and that information was being leaked to the media has had a huge impact on the mental health of staff. It is outrageous that they were hearing about their livelihoods from the media. This should never have been the case, especially in these already uncertain times, both economically and personally for everyone.

Some staff have raised with me their concerns in relation to compulsory redundancies, which was also raised earlier. The opening statement refers to the fact that the risk ratios and capital requirements inhibited the bank's ability to make a profit. Would the witnesses argue that the risk ratios and capital buffers, which I am not suggesting are not necessary, put the bank at a competitive disadvantage relative to other banks who did not have such requirements? I would also be interested to hear who, apart from the two main pillar banks, the witnesses would have seen as Ulster Bank's biggest long-term competitor if it had stayed in the Irish market.

I have been contacted by a number of people who have mortgages with Ulster Bank and they are very concerned. What is the status of customers who have been given mortgage approval in principle? What is the situation with regard to switching lenders for those customers who do not want to have their mortgages sold to a purchaser of Ulster Bank's choosing? Will such customers have to pay switching costs or will those fees be waived?