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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: The other issue I raise with Mr. Hayes is the fact that some of these vulture funds have properties, some located in local authority estates and some in private estates, that have been vacant for years and are impacting on the adjoining properties. You may as well be talking to the wall as trying to get the funds to deal with some of the issues that are emerging from that aspect of their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: I am not too worried about their happiness; I am worried about the customers and-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: -----their happiness. An awful lot of the vulture fund customers are living from day to day and attempting to use the processes that are in place to deal with the issues they have. It is just wrong for these funds to be let off the hook. They will not get off the hook for the customers I have represented because I intend to name them at another hearing if they do not attend this committee....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: -----that would look over the banks on a regular basis. They look at the bank, but do they look at it in depth? In other words, in relation to AIB, did they find anything in relation to the EBS tied agents or in relation to Belfry, or, in relation to all of the banks, the outstanding trackers that they have on their books within the banks? Did they discover anything about that? Did they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Did they raise issues, for example, in Dr. Hunt's bank, in relation to the two, namely, EBS and Belfry? Do they raise issues with Bank of Ireland in relation to its IT glitches?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: I take it that they were aware of it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: On those two matters, can the bank now conclude on those two matters?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: I presume that for the remaining number - I presume that Belfry 1 was fine and then, from 2 to 6, the bank was investigating it or reviewing them - that is where the 2,500 figure comes out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Including Belfry 1?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: For the remaining ones, are they caught up in one particular Belfry investment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Are there 900 still to be examined?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: I presume Dr. Hunt is anxious to get that wrapped up in terms of preventing any delays.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: That is good news to hear in relation to both of those issues. On the trackers, how many trackers, if any, are stuck in each of the banks? They will be aware of the tracker issue, the review? Are there any trackers that they had in the bank that has not been dealt with?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Do any remain? AIB has dealt with all of its trackers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: What of Bank of Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Okay. What of Permanent TSB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: They are working their way through.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: Are any further loan sales coming up in any of the banks or do they think they have reached the end of that approach?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Issues: Discussion (27 Sep 2023)

John McGuinness: What of the rest of the banks?

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