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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Dr. Hunt is aware that we have discussed the issue of EBS tied agents at meetings of this committee. That matter has gone through the courts and continues to be raised with the committee in terms of the advance we are making to assist in finding a solution. In 2019, Mr. Justice Jordan stated in the High Court: [I] would have thought that a competent mediator could bring sense to bear and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Before Mr. O'Keeffe comes in, Dr. Hunt is the CEO of the bank and I want to know what his attitude is towards what the judge said in 2019 and whether there is any room for mediation. Mr. O'Keeffe may very well be familiar with the detail of the matter but in terms of getting to an end on this, it is only fair that we would look to the judge's words and determine whether the bank is willing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Does Dr. Hunt see mediation as an option?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Litigation is probably a couple of steps beyond common sense, whereas the judge rightly points out that mediation might be an option. I am just asking Dr. Hunt whether he would consider mediation. His answer seems to indicate that mediation is not an option and the bank is going to litigate this out to the end. I remind him that some of the people who appeared in the Public Gallery on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Would Dr. Hunt consider the EBS tied agents to be stakeholders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: In taking their views into account, would Dr. Hunt not consider that a meeting for the purpose of mediation and the fulfilment of the judge's direction, as it were, is worth considering?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: There is nothing to stop the bank from reversing out of it. If the will is there to do so and the bank wants to deal with legacy issues, I suggest that both parties could very easily stand back from the litigation and attempt to mediate. In most cases, in fact, particularly those to do with banks, judges point to customers and banks going to mediation to resolve issues. It seems to be a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Is the case before a particular court?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Is it before the Supreme Court?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: The witnesses will hardly go back to Mr. Justice Jordan in view of what he said.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: It is due back in court then.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Committee members will monitor that situation. I firmly believe that in dealing with legacy issues, the banks should be to the fore and not afraid to deal with them. That takes all stakeholders into account. I am not saying that the law is on the side of EBS. I am saying that common sense would dictate that people who have a grievance should at least try that process. That would be not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: I was just making the point that the delay being caused is adding to the costs. They are having to go back to the bank with significant costs because of the cost of building materials and many other inputs from builders. It would be helpful if Dr. Hunt came back to give us some detail on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: A question regarding Ulster Bank and AIB was already asked. In his opening remarks, Dr. Hunt mentioned that the bank transactions and footfall through banks fell by 57%. Some Ulster Bank branches are now within the AIB network. What analysis has AIB carried out of which branches might be affected? Amalgamations are taking place. Will Ulster Bank carry AIB's brand? How will AIB move that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Would that be dealt with in the same way in Ulster Bank, not through the branches but through the main centres?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Another member mentioned the loans that are in difficulty in the banks. Dr. Hunt gave a figure of €31 billion and now has it down to under €4 billion. I have a question about the disposal of mortgages to either vulture funds or to my preference, which is organisations such as iCare, which deal sympathetically with mortgages and the people, families and so on who are in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Is is possible for Mr. O'Keeffe to give us the name of the company or financial institution that bought the loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: How would Mr. O'Keeffe classify Everyday Finance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Banking Matters: AIB (30 Jun 2021)

John McGuinness: Is it a vulture fund?

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