Jimmy Deenihan (Kerry North-West Limerick, Fine Gael) | Oireachtas source

The Deputy has raised a number of very pertinent issues that I will bring to the attention of the Minister for Finance, as well the Deputy. If he is aware of other banks that have behaved in similar ways, leading to failures similar to that of Permanent TSB, he should bring them to the attention of the Central Bank. Although it does not investigate individual consumer complaints, it does welcome information from consumers of financial products. The information thus obtained may be used in carrying out its prudential and supervisory activity. I would also expect that the other banks in Ireland that offered tracker products and could have been exposed to similar failures examine their processes to ensure that everything was done properly. This would be prudent behaviour on their part.

As I said, I expect the Central Bank to use the powers available to it and to take whatever steps are necessary to ensure that all customers are protected. I also expect it to be proactive when a potential systemic issue comes to light. I again thank the Deputy for raising this matter.

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