Oireachtas Joint and Select Committees

Thursday, 2 March 2023

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

Debt Write-down and Debt Resolution Policies: Allied Irish Banks

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

Okay. My last question is on the loans that are sold on to a vulture fund. Would the bank consider that in future sales that whatever vulture fund might purchase the loans, that AIB would insist on it giving its contact details to the customer? It is impossible to get in touch with them. It is impossible to pick up the phone and ring on their behalf if you are a third party. It is very difficult to tease out with them the fears, concerns or the difficulties of the customer that has just been sold on to the vulture fund. That is just not acceptable. I am coming across an awful lot more of that particularly now that the interest rates are increasing and vulture funds are applying significant increases. People are getting deeply concerned about their position and are finding it difficult to get a response or the type of response one would get from a mainstream bank. I want to flag that for AIB as an issue. We dealt with it here yesterday with Mr. David Hall, Mr. Padraig Kissane and Mr. Brendan Burgess. They seemed to have the same view on this.

Finally, I remind our guests that the more information in easily readable format the bank can give us to answer the various questions that remain unanswered from today's hearing the better. They might make it available as soon as possible. Deputy Barry said there is a bias against ordinary people and in favour of the wealthy; that there is one rule for the wealthy and famous and another for the ordinary people. I want that question answered. I think that goes to the nub of the problem in society. People need to know there is a fairness and a level playing field and that everyone is being treated the same.

Deputy Mairéad Farrell had a question.

Comments

No comments

Log in or join to post a public comment.