Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am, of course, familiar with the issue of the EBS tied agents from my previous work on this committee. AIB has advised my Department that an agreed mediation process, which the Chairman mentioned, has been put in place in which all parties, the bank, the 16 former EBS tied agents, the third-party adviser and the mediator are engaged. I am not sure if the name of the mediator is public but the Chairman probably has it. There is a third-party adviser acting on behalf of the tied agents. The independent mediator has been engaged since July of last year. The process is ongoing and engagement continues to explore possible resolutions that are acceptable to both sides. I am told that AIB is committed to the process to attempt to reach a resolution with these parties as quickly as possible. The Chairman having raised it, I will make an inquiry. I cannot interfere in the mediation process obviously and we will let it take its course but I will let it be known that I have an interest in the issue and we will see what the update is. The Financial Services and Pensions Ombudsman is independent in the performance of the functions there but my Department, at official level, will inquire in relation to the progress in coming to a final view on the outstanding tracker-related cases.