Results 7,661-7,680 of 26,711 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: As far as Ms McDonagh is concerned, the bank has completed its work, yet the 200 cases are still excluded. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Do the 200 cases have anything to do with the mortgage accounts that were altered with an entry of product switch, which was done on 10 November 2008? That required an IT alteration or manual intervention to prevent the roll-over to a tracker. That happened. Has the bank established who authorised that intervention?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: It is not that they are conflating them but perhaps I am.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The staff who were compensated signed the exact same document as the people who were impacted or believe they are impacted, but they were differentiated because of the rate they were on prior to entering the two-year fixed rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank then informed others that they would be entitled to roll over to a tracker. There is evidence of that but the issue has not been sorted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank is denying them the tracker then.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank does not but they do. They are the bank's customers. With a new direction, I believe those 200 cases should be examined again.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The bank is holding the line.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Well the bank should because it caused the mess in the first place.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: We will get into discussion with the Central Bank on that matter. There are many emails but in this one the individual states they had evidence of the bank informing them that they would roll to a tracker and on the system it could be seen where the fixed product was amended mid-term. Is that the same issue in the context of the product switch done on 10 November 2008? Who authorised that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: That is funny because the people familiar with it know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Would Mr. O'Beirne not want to make himself aware of who authorised it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: My problem is this. Ms McDonagh presented a description of her bank. I accept she cannot touch on everything. However, the people who write these letters to the committee are members of staff of the bank. They kindly ask us to raise the issue but say that because they are current staff members, they wish to keep their details confidential as they are mindful how it may affect their career...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: It is always the ones on the margins or who have not got resolutions who come to us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Another matter is the quality of the documentation regarding some of these cases on the margins. It is clear to me from reading some of the documentation that there are issues around it. The bank refused the person in question the tracker mortgage. She was then contacted and told she should not have got that letter as the bank was still examining the matter. The bank then refused her...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: There are two documents in conflict.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: I did send them but I do not expect Ms McDonagh to read everything. The fact of the matter is that this case exists and it is similar to others. These are not constituents of mine. These are people who have written to the committee. To return to my first question, has Ms McDonagh found the information?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: Have many of those have been affected by the tracker issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: I presume the particular case I mentioned must have slipped through those 72 cases. I sent the details to the bank and I am concerned that the matter is going next to the High Court. I find it astonishing because the kernel of the problem is the tracker issue. What are the legal fees around this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Bank of Ireland (5 Jul 2018)

John McGuinness: The message Ms McDonagh gives about how her bank treats customers and their importance does not carry through to the bank's legal representatives in the courts who show ruthlessness and an uncaring attitude to the bank's customers. I suggest there is a need to review some of the cases that are before the courts because this issue is throwing good money after bad and damaging people's lives....