Oireachtas Joint and Select Committees

Wednesday, 14 September 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Issues: Discussion

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael) | Oireachtas source

As with the previous groups that we have had before us today, my only comment is that the banks should not forget the customers. PTSB must ensure that the bank has, at all times, the customers' interests first and foremost. That particular interest is what keeps the banking system, and every business, going. There is a tendency nowadays to become less personal in all businesses. There are a number of places that we, as the customer, ring up and we either do not get an answer or they will tell us that they will ring us back, in which case they might, or we might have to ring for an hour. It is not unusual now to ring a public office and ring for an hour, be cut off and have to start the process all over again. It infuriates people.

Another point I wish to make is that we live in a very competitive world. It is important that not all the banks sing the same tune at the same time. There will be some areas in which they will have to in respect of reserves and so on and so forth. However, it is up to the banks themselves to show the potential customers that they are aware of their existence, and that they are willing to encourage them

The customer is the sole root cause for the existence of businesses. If interest is lost in the customer, then the whole thing closes down. From what I can see, PTSB is recognising what needs to be done. I hope it continues. There were customers in danger. In most cases, they have moved on or the loans have been sold on, whether they were endangered loans or bad loans, as the case may be. There are still customers out there who are suffering as a result of the banking crash. I would emphasise the necessity, at all times, to be conscious of the need to help them out in any way possible, and not to cut them adrift and let them fend for themselves. I have not listed PTSB for any misdemeanours in that area, but I have listed other banks, and I have told them so. At the same time, we have all complimented those who have recognised the situation as it was for the customer.

Finally, a lot of people will spend a lot of time advertising. The best advertisement is a satisfied customer. No advertising is needed after that.

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