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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: I did not ask that question. I appreciate that Ms McDonagh has put her best foot forward here and wish both her and the bank well. I have correspondence from Bank of Ireland staff indicating that 200 customers are still contesting that they should be on a tracker rate. It is fine for Ms McDonagh to talk about the Central Bank and so forth. Does she know that there are 200-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: -----dissatisfied customers in the bank? What does she plan to do about it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Excuse me. I ask members to stop talking. We will have one voice.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: There are 200 customers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Ms McDonagh cannot say the bank has identified them all.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: There are 200 people who are arguing with the bank about tracker mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: As far as Ms McDonagh is concerned, the bank has completed its work, yet the 200 cases are still excluded. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Do the 200 cases have anything to do with the mortgage accounts that were altered with an entry of product switch, which was done on 10 November 2008? That required an IT alteration or manual intervention to prevent the roll-over to a tracker. That happened. Has the bank established who authorised that intervention?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: It is not that they are conflating them but perhaps I am.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The staff who were compensated signed the exact same document as the people who were impacted or believe they are impacted, but they were differentiated because of the rate they were on prior to entering the two-year fixed rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank then informed others that they would be entitled to roll over to a tracker. There is evidence of that but the issue has not been sorted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank is denying them the tracker then.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank does not but they do. They are the bank's customers. With a new direction, I believe those 200 cases should be examined again.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank is holding the line.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Well the bank should because it caused the mess in the first place.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: We will get into discussion with the Central Bank on that matter. There are many emails but in this one the individual states they had evidence of the bank informing them that they would roll to a tracker and on the system it could be seen where the fixed product was amended mid-term. Is that the same issue in the context of the product switch done on 10 November 2008? Who authorised that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: That is funny because the people familiar with it know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Would Mr. O'Beirne not want to make himself aware of who authorised it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: My problem is this. Ms McDonagh presented a description of her bank. I accept she cannot touch on everything. However, the people who write these letters to the committee are members of staff of the bank. They kindly ask us to raise the issue but say that because they are current staff members, they wish to keep their details confidential as they are mindful how it may affect their career...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: It is always the ones on the margins or who have not got resolutions who come to us.

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