Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The minutes are crystal clear. It is not just Bank of Ireland and AIB. This involves Permanent TSB. Unless the minute taker at the meeting has reflected what happened inaccurately - unless it is the polar opposite - there is a serious issue. It is written in black and white in those minutes that Bank of Ireland said this had to be done because the regulator had demanded it. AIB indicated the same and Permanent TSB argued it was the best option because the loans would go into default otherwise and a credit issue would arise for the customer. Unless the minute taker was at a different meeting, there is a serious issue.

More important is the naivety that the Tánaiste has just expressed.

If the Tánaiste goes to Permanent TSB's website he will see it gives an example. If one has a loan of €250,000 for 30 years one will pay back all of the capital, all of the interest that would accrue normally in one's contract but also an additional €6,200. That is the Covid-19 penalty. Is the Tánaiste trying to suggest to me that the delay of payment by six months is costing Permanent TSB €6,200? There is no country in Europe that is faced with higher penalties as a result of this payment break than Ireland because of the high level of interest rates. The Tánaiste should do what the Spanish Government did on this matter. On 30 March it brought in legislation, which I have given to the Minister for Finance, that would prevent the banks profiteering on the back of a pandemic where the economy was shut down and people, unfortunately, are unable to pay their mortgages this time.

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