Michael Creed (Cork North West, Fine Gael)
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I have personal experience in my own constituency of a bank adopting such an approach. The debate has rightly concentrated a lot on transaction costs but I shall continue to deal with the mortgage issue. One of the significant charges that customers have faced in recent years was for payment protection insurance. I would like to rationalise the Central Bank's approach to dealing with individual banks who sold payment protection insurance. I understand, and please correct me if I am wrong, that the remedy for mis-selling was to refund the premiums paid rather than oblige a bank to stand over its offer of insurance cover for somebody who thought, in good faith, that he or she had cover. Why was the approach excessively deferential to the interests of the bank rather than mortgage holders?