Ciarán Lynch (Cork South Central, Labour)
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On foot of yesterday's meeting with Mr. Jeremy Masding, group chief executive of Permanent TSB, and other officials of the bank, Mr. Masding wishes to correct the Official Report in one of the answers he gave to the committee. I will read a letter, dated 9 April 2014, that I have received from him:

Dear Chairman
I would like your permission to clarify the record in respect of one our sic answers given during our meeting with your Committee this morning.
In response to questions from Deputy Pearse Doherty, it was stated to the Committee that the Bank does not charge interest on the warehoused portion of a Split Mortgage Solution. While that is correct in respect of Homeloan Mortgages, the Bank does currently charge interest on the warehoused portion of a Split Mortgage solution where it applies to a Buy-To-Let (BTL) property. I want to acknowledge that in his questions, Deputy Doherty did raise the position with BTL mortgages specifically but this distinction was not picked up by my colleagues or myself.
On behalf of my colleagues and myself, I want to apologise to the Committee and to Deputy Doherty for this error. It was not our intention to mislead or confuse the Committee.
I would also point out that of 4,000 (approx.) Split Mortgage solutions agreed for mortgage customers in arrears over 90 days, just 297 of those relate to Buy-To-Let customers.
I would appreciate it if you could bring this communication to the attention of the Committee at the earliest opportunity.
Yours sincerely
Jeremy Masding
Group Chief Executive