Results 6,681-6,700 of 35,563 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Give me a financially sound reason, please, why anybody in this State should be paying 4.5% interest on a variable rate when they can get the same elsewhere in the market for 3.15%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Give me an example of one-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: What is the blended cost of funds for Bank of Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: How much interest does the bank pay for its deposits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: What is the interest rate? We know that the bank is charging 4.5% for variable rates. Most of the bank’s mortgages are funded through deposits. What is the rate that Mr. Kelly’s bank is paying on deposits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Mr. Kelly’s bank pays .25%. That is 16 or 17 times more that his bank is charging for the loan. There does not seem to be a sound rationale as to why his bank is charging 4.5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: This will take the bank's blended rate up to probably .75%, when all of this is rolled in together.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: And when all of this is rolled in together by the bank, will it then not be still less than 1%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Why can existing Bank of Ireland customers not avail of its green rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Why is that the case? Mr. Kelly has just spent 15 minutes telling the committee how the bank writes to customers to offer all of the products to become financially savvy, and all of the rest but the bank will not offer a product to its existing, loyal customers. It is only doing this to attract more profit. When a person is in as an existing customer, such a person is not getting this product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: What is the bank’s rationale for treating its existing customers in this way compared to new customers? How does Bank of Ireland defend the discrimination that it is engaging in? Does Mr. Kelly agree that it is discriminatory, in that existing customers cannot get a better product that new customers can avail of?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Can Mr. Kelly explain something to the committee in simple terms. For example, I am a customer of Bank of Ireland, and I actually have a mortgage with the bank and it is fixed. Let us imagine that Bernard is a new customer. Explain why the bank would offer Bernard a better rate than me when I have been with the bank for the past 15 years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: The key thing, however, is that the bank is not going to give me the product that it will offer Bernard, which has a lower interest rate. Why it the bank doing that to me and to hundreds of thousands of other customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: I am aware of that but the bank's board has this in place now. This is not about me personally but I am just using this example to try to simplify the issue here. The board has made this decision now. Will Mr. Kelly explain to the committee how the board justifies offering Bernard a reduced interest rate in a type of product that is not available to me who has a mortgage with Bank of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Okay. It is the last question but I have to interrupt. We have heard that. The bank is keeping all that under review and it is going to write to us and all the rest. However, in the letter the bank writes to me it is not going to offer me the product it offered Deputy Durkan, which is a reduced rate that could save the bank's existing customers a lot of money. Why is the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Under review.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Maybe at the next review the banks should end the discriminatory practice against its existing customers and respect the loyalty they have to the bank and give them the same product it is offering new customers. That is all I will say. I thank the Chairman.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: The June board meeting. Were any officials or representatives of the Department of Finance present at that board meeting?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: Did Bank of Ireland do an analysis of the vulnerable customers who were using branches that it decided to close?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (14 Sep 2022)

Pearse Doherty: There is no reason for it. Unless the customer wants to give money to Bank of Ireland for the craic, is there any sound financial reason why a person should have a mortgage at a variable rate with Mr. Kelly’s bank, when there are significant savings to be made? I say that because we know that this happens in insurance, in mortgages and elsewhere, where people, unfortunately, have a...