Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

There is much I could say. Knowing the impact the bank had on those families and the financial situation, not only those who lost their homes but those who were burdened by the threat of repossession and the overcharging the bank was involved in, which I have described as theft in the past and will continue to do so, I am sure that when they hear commentary such as "misdemeanours" it will be a red rag. The problem here is that Mr. Crowley's predecessor apologised through the committee but now we have learned from the Central Bank that at the time of those apologies, when Mr. Crowley's predecessor was saying the bank had learned a lesson and was apologising for what was happening, the bank was continuing to inflict harm on some of its customers through this process, right up until 2018. This is very hard to stomach. We need to see real action in terms of a customer focused proposal or view from the bank.

To look forward, I am on the record as looking to see Permanent TSB emerge as a third force in the market. It has stated its interests in acquiring a portion of Ulster Bank's loan book. It has been reported this could include up to €9 billion, or 60% of the loan book from non-tracker mortgages, small businesses and consumer loans. Given that the State owns 75% of the bank on behalf of the taxpayer, the State and taxpayer have an interest in any inquisition, as Mr. Crowley will understand. Will he clarify the portion of the loan book in which Permanent TSB is interested? We understand a memorandum of understanding has yet to be agreed between Permanent TSB and Ulster Bank. Will Mr. Crowley update the committee on the status of the negotiations, insofar as it is possible for him to do? What cost range would he give for the acquisition of the portion of the loan book I have mentioned? Previously it was estimated at just over €500 million. What would be the total capital reserves at Permanent TSB's disposal to fund such an acquisition? Will he confirm the TUPE regulations will apply to any transfer of loans from Ulster Bank to Permanent TSB? Will he confirm that Permanent TSB is in talks with Ulster Bank to acquire a portion of its branch networks?

I have asked a number of questions in which the committee and the public will be interested. We learned this morning that shares in Bank of Ireland are being sold. People will be questioning the timing of this because it is not good value for money at present. We will be interested to see whether this is the first act in a two-act scenario that includes Permanent TSB at a later stage this year.