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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Senator Burke's time is nearly up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I would like to ask Mr. Ryan about the customers who are transferring to Pepper to be managed by it. Has each of them been written to?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: After six months, they will be engaged with.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: What sort of contact details will Pepper give to those customers for their new engagement with Pepper? Will they have to contact a call centre? Will someone be directly employed by Pepper to engage with them? Will named individuals be acting as loan managers? Customers want to be able to call and ask for John or Mary. They want to be able to deal with the same person on a regular basis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: How easy will it be to contact Pepper? When someone phones Pepper and is asked for a particular reference on a loan, does he or she get through straightaway to the loan manager or the person who has the details of that loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Will it be easy for people to get through? Will Pepper ensure people can access it easily?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Will customers be able to go to Pepper's offices to meet individuals within Pepper?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Are employees of Pepper constantly ringing people to get them to discuss their position with Pepper?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Do they ring them to chase up money?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Do they put them under pressure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I am just asking.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Mr. Masding and Mr. Ryan have been continually emphasising that PTSB and Pepper are regulated entities. Is Pepper regulated in the same way as a high street bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Is Pepper regulated to the same extent as a high street bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: So Pepper is not regulated to the same extent. It is regulated to the same extent as every other servicing agent in the country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I will come back to Mr. Masding. The agents that are front of house for all of these vulture funds are regulated. Is that the type of regulation Mr. Ryan is talking about? Does Pepper have an added piece of regulation that they do not have?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I am talking about the agents that act for vulture funds. They are regulated by the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: So it is the same as the agents to which I have referred.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: There is nothing extra special about-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Okay. Pepper has been here since 2012.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: How many court cases is Pepper involved in throughout the country as it tries to sort out different funds?

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