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

My final question has to do with switching. Senators Higgins and Sherlock are waiting to contribute and I am sorry to delay them. The main banks still have accounts that are in difficulty. They have appointed receivers and done all sorts of stuff with some of their customers. Where they have failed is in the engagement with customers who are in difficulty, preferring instead to hide behind a solicitor, the law or a receiver. The Central Bank should insist that the banks account for themselves with regard to some of those accounts. The Central Bank cannot deal with individual accounts, and I understand that. It should take an overview, however, and take it as a fact that most of those banks are still defending their own position regarding mortgages, tracker mortgages, loans and business loans. There are some that still have to be resolved. I am not asking that people be let off the hook. I am asking that they be dealt with fairly. I have seen very unfair practices in the banks. To finish on the mortgage issue and vulture funds, we are going to engage in a session on the activities of vulture funds. What we might do is continue to inform the Central Bank of what we are hearing, the issues we have in hand and the outcome of our hearing.

My final question has to do with politically exposed persons. Mr. Kincaid spoke about switching. Try switching if one is a politically exposed person. These are individuals who have been characterised as such in terms of the work they do. The negativity they experience from the banking sector has to be experienced to give an understanding of just how much they are shunned by that sector. Last week, a Member wanted to lodge cash for his holidays and could not do it. Members who wanted to switch accounts, like any other citizen in the State would do, could not do it. Individual family members tried to raise money just to be approved for a mortgage only to be told, "Sorry, you are related to a politically exposed person". I am not talking about me personally but a wide range of Members who contact us to tell of their experiences. I ask Mr. Kincaid to remember, within whatever regulation exists and in his discourse with the banks, that the consequences of this are far-reaching. It is hard to understand that the regulation would be enforced in such a way as to make life hugely difficult for families and workers in our offices here in Leinster House or for people to switch to get better value for their buck. I raise that point with Mr. Kincaid in terms of his engagement with banks.

I must go to Senator Higgins. I have kept her waiting, for which I apologise