Oireachtas Joint and Select Committees
Wednesday, 5 July 2023
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Defective Block Redress: Redress Focus Group for Banking and Insurance
Pearse Doherty (Donegal, Sinn Fein)
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What about the residual amount or the shortfall? While it is a separate discussion, and my party is adamant that we need to have a proper scheme that covers 100%, we are dealing with what we have right now. In regard to those shortfalls of €10,000, €20,000 and €40,000, how do the banks deal with that? What is the proposal that the banks need to look at in that regard? For example, a pensioner who needs a house demolished may have a shortfall of €10,000 or €20,000 that they cannot afford, and although it may be a larger house, they are not allowed to do no-penalty downsizing, which makes no sense whatsoever.