Oireachtas Joint and Select Committees

Wednesday, 19 October 2022

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

Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I raised that because as soon as the bank transfers a loan to a vulture fund, "fairly" goes out of it and it becomes very difficult for the customer to deal with the vulture fund. I wish to see no shortcuts being taken in transferring an account or selling a loan to a vulture fund, without first exhausting every avenue with the customer to see whether the matter can be resolved, in order that there is less and less difficulty for a customer. I have no trust in the vulture funds. I wish to be clear about that. Once a customer gets in there, one starts to lose control of the management of one's property or loan. It is much better if it is dealt with by the bank in the fair way that you describe.

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