Mr. Padraic Kissane:

The Central Bank did write to every bank in 2010 telling them to carry out an investigation. Bank of Ireland had 296 customers restored. Conveniently, it looked at the fixed-rate issue and never looked at the variable side, which affected its own staff on these mortgages. Astonishingly, the staff are afraid of their lives of losing their jobs if they raise this issue. Every one of these cases is still not resolved. This bank did not just do this to families because it did it to its own staff. I have told all of the staff who contacted me about this not to engage me because I am fearful it could result in the loss of their jobs. I know the responsibility that is on my shoulders. I have received a reply for a staff case as well as a family one. In one, the loan offer is superseded and with the other it is not. When it suits them, it is one way. When it does not, it is the other way.

One of the biggest issues the Central Bank had up to 2013 was the lack of power. It was a mistake in my view. The powers were granted in 2013, but they could not be applied retrospectively. The issue that this caused was the Central Bank did not have the clout it needed.

I am not certain the previous incumbent was as reactionary as the current one. On the matter of the wrongness of not doing it up to now, I come back to my issue of the criminality of it. Admittedly, they arrived late for sure, but I have to work with them now. I have trust in them and I have met the heads of this and they are absolutely serious about this. The resources that are being put into this investigation are extensive but they are in a catch-22 because if they say anything, the banks will react accordingly. A perfect example of that is Permanent TSB, PTSB, with the margin issue. It has to go to court because it was not addressed. AIB stepped straight into the space and its rate is 3.67%, but it commenced at 4.97%.