Results 3,161-3,180 of 10,460 for speaker:Gerry Horkan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: I remind the Deputy that he has about two minutes remaining.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: I call Senator Paddy Burke.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Mr. Verbraeken's opening statement was based on trackers, the bank and NPLs. He said 2% of trackers were still out there. Are they the uncontactables?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: They are no longer customers. The accounts are no longer current.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: There are maybe 50 or 60 individual accounts.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: What size are the cheques? What is the average payout?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: These are significant amounts of money which are due to people.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: I am not suggesting that for a second.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Approximately 70 people are due an average of €40,000 each.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Mr. Verbraeken said that, of the 65 appeals, two were rejected and one was upheld on the customer's behalf. How long do people have to make an appeal? Could the number increase significantly? There must be a cut-off at some point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: The last payouts went out in June.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Were all the payouts made in June?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: This time next year, the witnesses will be able to tell us how many appeals there were, including the 70 referred to.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Was all the provision of €120 million used in the end?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: That was to be my next question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: The €120 million is the cost of the cheques.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: There is a cost to the bank but it is money being given back to people which the bank should never have had in the first place. The compensation is an additional charge because the bank took that money from people. What is the breakdown of the €120 million as between redress and compensation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: That makes €96 million which is people's own money and was not really a cost to the bank, despite the fact that it could have kept it if the banks had not been found out. The other €24 million is compensation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Senator Burke mentioned the bank's business model and discussed the bank's hubs and its network. Banks do not like being called cashless but KBC is happy enough to admit that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: KBC Bank (10 Jul 2018)

Gerry Horkan: Others tell us they are not cashless as the cash is all in the machines. Perhaps some of KBC's hubs have ATMs.