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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: There are just 11 who went to the ombudsman.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Deputy Pearse Doherty raised the fixed rate issue. When the borrower accepted the fixed rate, the bank, with the market, took a fixed rate. If the bank were to reduce it for the borrower, it would be at a loss, not just a book loss but an actual loss. Is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: If the bank were to do what Deputy Pearse Doherty was really suggesting, which was to give them a reasonable rate for this point in time in view of the length of time they have been on the fixed rate, would that be an enormous cost to the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: It is the precedent that worries Mr. Masding, not the amount. I am just trying to understand the issues.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Does Deputy Pearse Doherty wish to add anything further?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: A number of issues need to be clarified. Where does Pepper Finance Corporation and the Glenbeigh portfolio sit into that arrangement?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: That means that Pepper is collecting the money from the individual customer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Permanent TSB is also getting paid by selling on the oranges to the market, so to speak. Am I correct that the customer is continuing to pay Glenbeigh?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: That is through the arrangement with Pepper.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: The money market is then providing the purchase money to Glenbeigh for the mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Am I right that Permanent TSB benefits from its interest to the tune of 5%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Yes. There are three other issues. Permanent TSB is a member of the banking federation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: How much does it pay for membership?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Will Mr. Masding come back to the committee with that figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: When Permanent TSB got the money which came from the ECB via the Central Bank, the bailout money-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: That money was paid to Permanent TSB through the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: European money went to the Central Bank and to Permanent TSB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: What collateral did Permanent TSB have to give for that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Could Mr. Dolan say that again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB
(9 Apr 2019)

John McGuinness: Mr. Dolan might give us a note on that.

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