Oireachtas Joint and Select Committees

Thursday, 8 March 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: Mr. Padraic Kissane

9:30 am

Mr. Padraic Kissane:

The desire is that would be the case for all customers who have been identified. Ulster Bank is picking up speed. It had an enormous issue with its systems, where there were five systems trying to feed in to a redress process. AIB is a little behind with the older conditions as they were only restored before Christmas, but it is also picking up the pace. AIB tells me that it hopes to have everyone redressed by the end of May. That does not allow for the cohorts that remain in there which have not been deemed impacted. One thing I can say with certainty, is that the banks are doing everything in their power to resolve cases of the people who have been deemed to be impacted. It is a given that there is no deliberate delay. If there was, the banks would be essentially borrowing from themselves at ridiculous interest rates. Members can be certain that the quicker this is sorted out the better.