Oireachtas Joint and Select Committees

Tuesday, 19 June 2018

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

Business of Joint Committee
Matters Relating to the Banking Sector: Ulster Bank

1:30 pm

Mr. Eddie Cullen:

The €2,000 we have quoted includes compensation for the opportunity costs of the money that was overcharged to them for the period it was overcharged. On the second part of the Senator's question about whether it caused additional financial distress, that is difficult to say. We do not have evidence at this point. Clearly, during the period starting in 2012, any overcharging was most unwelcome to say the least and should not have been done. In that context, given its scale, we do not have any evidence that it pushed any customers further to the edge.