Results 5,241-5,260 of 35,563 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Cuirim fáilte roimh na finnéithe. I welcome the witnesses and thank them for the updates. It is regrettable that we are having this hearing when we are at an advanced stage of both institutions withdrawing from the State after, in some cases, a long presence here. The focus of today’s hearing is the progress, lack thereof and challenges that may remain in the closure of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Those 16,000 have been closed by Ulster Bank, as opposed to the individuals.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: The bank has closed them and issued the cheques to the individuals.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Out of curiosity, what will happen if there is nobody living at the address registered on the account? These are people who have not engaged with the bank for at least six months because we are well past the six-month period. Some may have moved to Australia, Denmark or God knows where. What happens when a cheque is returned?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Will interest build up in the trustee account?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: I am not asking for any specific detail on the upper limit of cheques that the bank has to cut for accounts that are being closed. The bank could have sent Joe Bloggs €30,000 in the post. What are we looking at in terms of potential amounts? The reason I ask is people might think that they had a student account or an account that they opened with Ulster Bank many years ago and they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Is the upper limit tens of thousands of euro or €100,000 and above?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Okay, but there are some above the €10,000 figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: The Dormant Accounts Fund. However, these funds will go into a different trustee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: They will go into the Dormant Accounts Fund because they become dormant.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: There are a number of accounts into which social welfare payments are paid. The witnesses have said 5,500 accounts are open into which the Department of Social Protection is making payments currently. They are not being closed and they have not been frozen, which I welcome, but the bank has stated that it cannot continue with this position. Can Ms Howard outline the bank's position? Where...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Is there going to be no freezing of these accounts at this point in time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Okay. That is welcome. The bank will be aware of the implications of the Assisted Decision-making (Capacity) (Amendment) Act 2022, which is causing serious problems right across the banks and terrible problems for parents, by the way. There is no guidance for parents of vulnerable children or adults who have bank accounts and who lack capacity. I understand there is a bit of an extension...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: I am sorry; the bank will eventually close the accounts. They are not being frozen straight away.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: As I said, it is a wider issue in that people simply do not know what steps and the process they have to go through to be able to operate the account on behalf of another person.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: A total of 20,000 personal accounts remain open, active and are past the six-month notice period. The witnesses said that the bank will start freezing these accounts.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: The bank has 6,500 customers with overdrafts, some above €1,000 and some below €1,000. Ulster Bank is suggesting that those customers go to another bank, get an overdraft and pay back Ulster Bank with the overdraft from the other bank. Are there any arrangements with the other banks? For example, does Ulster Bank have an arrangement with AIB and Bank of Ireland regarding an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with Ulster Bank and KBC Bank Ireland (1 Feb 2023)

Pearse Doherty: Yes, I am talking about personal customers.