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

Pearse Doherty: Has the board discussed the ECB interest rate increase?

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

Pearse Doherty: Does Mr. Kelly expect that, at the next board meeting, the ECB interest rate increase will be discussed and options will be thrashed out?

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

Pearse Doherty: What percentage are on variable rates?

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

Pearse Doherty: Bank of Ireland charges the highest variable rate in the market. It is crazily high at twice the European average. In fact, it is 1.8 times the rates of some operators in Ireland. Bank of Ireland is charging 4.5%.

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

Pearse Doherty: On 90% loan-to-value mortgages.

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

Pearse Doherty: AIB is charging 3.5%.

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

Pearse Doherty: In all sincerity, it would be the height of madness to be on a fixed rate with Bank of Ireland, given what is available in the market from its competitors. A person may as well go to an ATM, if one can be found, take out a couple of thousand euros and burn it, because that is what is happening. That person is just giving away money that should not be given away. Thousands of euro can be...

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

Pearse Doherty: Mr. Kelly’s bank knows that there is a cohort of individuals who will take out a mortgage, fix the rate - as 60% of them have done with his bank - come off a fixed period and end up on a variable rate period. Because of inertia, perhaps fear and not understanding rates, they will be on that rate, and Mr. Kelly’s bank is creaming it. Does Mr. Kelly believe that his bank's...

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

Pearse Doherty: Why would anybody who understands rates be on a variable rate with Mr. Kelly’s bank when they could be with AIB, which charges 1.35% less?

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

Pearse Doherty: Why? Give me an example, please? Why would anybody pay Mr. Kelly’s bank thousands of euros more on a variable-rate mortgage than they would pay AIB?

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.

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