Oireachtas Joint and Select Committees

Thursday, 13 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Ulster Bank

10:25 am

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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I will not go over old ground but I agree with the questions that have been teased out regarding the cost of funds. The bank must deal with the variable interest rate mortgage holders as soon as possible.

I welcome the finding of the Central Bank. It imposed the heaviest penalty it could, although there are questions as to whether a penalty of €3.5 million is sufficient for a bank that deals with billions of euro. I have a question about the bank's compensation to its customers. At the heart of this were ordinary people who were left high and dry as a result of the inefficiencies in the bank. How many of them did not receive compensation from the bank?