Results 2,221-2,240 of 26,398 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: I note the minutes of the joint committee meeting of 12 October 2022 were agreed at an earlier private meeting. Today, we are dealing with Ulster Bank and KBC Bank. I welcome everyone to the meeting. We are joined by Ms Jane Howard, CEO, Ms Elizabeth Arnett, director of corporate affairs, Ms Louise Kelly, head of public affairs, from Ulster Bank and by Mr. Frank Jansen, CEO, Mr. Dermot...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: I thank Ms Howard. I acknowledge Mr. Richard Crotty in the Public Gallery who is a student from Trinity College Dublin studying politics and international affairs. I wish him well in his endeavours. We will now move to Mr. Jansen to give his opening statement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: I call Deputy Doherty.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Regarding legal processes KBC is engaged in relating to outstanding loans or vulture funds where customers took court action and the court found in their favour, are there outstanding cases to be resolved or outstanding decisions by the court resulting in KBC having to pay a customer? Does it owe customers any money from court processes? Has it paid everyone?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: How often does KBC engage with its legal representatives on such issues, on how they conduct themselves in court or on how they process such claims or payments to be made by the bank to the customer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Will the witnesses address the timeframe between the decision of the court and the instruction by the bank's legal representatives to the bank to pay the money?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: My information is there is one case, if not more, where the legal firms representing the bank are dragging their heels and that money is due to be paid to clients arising from those cases or the contribution to legal fees. I would like to know before KBC leaves the country. I know it will pay and presume it will honour the court decision but I am worried about the time it is taking for the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Thank you very much. On the sale of loans to vulture funds, is KBC finished with that end of the transactions? Has it completed the sale of all loans to vulture funds or does it envisage more such sales?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: I raised that because as soon as the bank transfers a loan to a vulture fund, "fairly" goes out of it and it becomes very difficult for the customer to deal with the vulture fund. I wish to see no shortcuts being taken in transferring an account or selling a loan to a vulture fund, without first exhausting every avenue with the customer to see whether the matter can be resolved, in order...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: When KBC Bank finally closes and leaves the country, all of its transactions will have been made. It will not take any baggage with it. That baggage will be left with some bank or other or will be sold to another fund. KBC Bank will be completely closed down and there will be no need for a customer to contact the bank after it leaves the country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: KBC Bank will keep up that direct-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: -----contact with customers who remain on its books, for whatever reason, after closure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: An issue has now arisen for all of those who are considered to be politically exposed persons in that when their accounts are transferred from KBC Bank or Ulster Bank, the receiving bank begins to ask all of the appropriate questions arising from the legislation. People are experiencing the fact that they are a politically exposed person and its consequences for the first time, especially...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Is the bank with which politically exposed persons are attempting to open their account open to receiving such an account? Have you come across problems with your current customers being able to open an account with another bank? It seems to be the issue for those involved in politics or senior civil servants. They are now experiencing all of the difficulties in opening a bank account.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Where?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: As with everything, many of the people concerned leave it until the last minute and then discover that they have an issue in changing banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: I ask that you take it into consideration.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Ulster Banks has 200 such customers. Does KBC Bank have any?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: Has KBC Bank carried out the same process of reaching out to that group?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market (Resumed): Engagement with Ulster Bank and KBC Ireland (19 Oct 2022)

John McGuinness: It appears not to be simple and it is becoming a considerable issue. Deputies Doherty and Durkan mentioned that they have direct debits and payments going through their accounts. There is nothing wrong, except that this the process is completely new. My experience having spoken to a number of banks is that they do not really want politically exposed persons, because the Central Bank will...