Results 2,261-2,280 of 26,433 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: 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...

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: One of the vulnerabilities could be technology. The more the banks reach out to them, the better.

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 asked Mr. Jansen about legal cases-----

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 appreciate both banks having come in to give us an update. Mr. Jansen needs to take team Ulster Bank out for lunch or something because it bore a heavy burden here today. Deputy Doherty put it through its paces.

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: There is indeed. I thank the witnesses for coming in.

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: A long-standing customer of Ulster Bank, who is categorised as a politically exposed person, has to go through the process with the new bank of opening that account as the politically exposed person, regardless of how many years he or she has spent with your bank. Is that correct?