Pearse Doherty (Donegal, Sinn Fein)
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My last question picks up on the point made by Deputy Michael McGrath about the prevailing rate. I appreciate that the Governor has said that this is a live issue. There are many customers. AIB has been mentioned but other financial institutions have used a prevailing rate. People are very angry because after finding out the bank was swindling them for so long and now they have a redress programme, with many having experienced personal trauma in addition to financial trauma, when they are restored onto the rate, they feel injured and victims all over again.

I understood that the redress programme had to be agreed by the Central Bank. We know that 90% of customers have been put back onto the rate. A large proportion of them have been put onto what is called the prevailing rate. Can the delegation tell this committee that the Central Bank has not signed off on this measure? The impression is that the bank has accepted it. Has the Central Bank accepted it or not? Is the bank continuing to consider the prevailing rate issue? Can the delegation offer any hope to customers who feel that they have suffered another injustice?