Mr. Colm Kincaid:

Since it is my first time to speak, I thank members for the opportunity to talk about these issues with them. As Ms McMunn said, there are many aspects to this, both loans and bank accounts. Looking specifically at the bank accounts for a moment, the customers who have bank accounts at Ulster Bank and KBC are customers of Ulster Bank and KBC. Ulster Bank and KBC have duties to those customers and will continue to have them until those customers are onboarded to a new destination, which is a huge exercise to complete. It requires a significant effort on the part of both the departing banks and remaining banks. We have been very clear with the institutions and in the public domain that the institutions are not yet where they need to be on this specific aspect of their migration plans, which is the onboarding and migration of customers with current accounts and deposit accounts. There is also work under way in those institutions. It can be done, provided those resources and plans are put in place and are executed well. We will be scrutinising that.

Turning to the banks to which consumers choose to move their accounts, our consumer protection code is very clear in applying not just to consumers, but also to prospective consumers. Institutions have a duty to consumers who come in through whatever channel to them to open an account. For example, one of the reasons we put so much emphasis on the issue of call waiting times recently was exactly because, as Ms McMunn said, we saw a pinch point emerging in this and we intervened to require additional resourcing.

In answer to the Deputy's net question, it is a significant challenge but, provided the resources are put in place and it is done properly and done well, it can be done. We will be focusing on it to make sure that happens.