Gerald Nash (Louth, Labour) | Oireachtas source

There is an opportunity here for the banking sector and individual retail banks to restore badly damaged reputations.

All of us, and the public more widely, are watching this very closely indeed. Representatives from the Central Bank came before the committee in early April and told us that, as far they were concerned, all of the evidence they had suggested that the exiting and receiving banks were not in any way prepared for the scale of the challenge that faces the sector over the next few months.

In his earlier contribution in response to Deputy Doherty, Mr. Hayes told the committee what the Central Bank told him yesterday. Did the Central Bank expressly say to Mr. Hayes and to the banks present here today that, if the Central Bank was not satisfied that the timeline set down by KBC and Ulster Bank for the closure of accounts and the opening of accounts in new institutions was being met, the Central Bank would instruct or force those banks and Banking and Payments Federation Ireland to adapt those timelines and extend them? Did the Central Bank say explicitly that if it was not satisfied, it would be prepared to do that?