Results 7,821-7,840 of 36,133 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: That was one of the questions the committee asked Ulster Bank but the information was not supplied on the questionnaire. We asked for the schedule and the detail of how many letters would be issued.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Of the 120,000 letters that have been issued so far, how many were to customers who had personal current accounts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: In a normal month before this decision, a month in which Ulster Bank was not withdrawing from the market, how many accounts would be closed? Bank accounts are closed and opened all of the time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Since the letters were issued, how many current accounts have been closed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Since when? Is it since the date of the letters?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: We can see the number of accounts that have been closed in the questionnaire the bank has provided to us. Since March last year, 122,000 accounts were closed. Some 8,700 of those included in the numbers provided were closed by Ulster Bank itself. Is that not right? These are dormant accounts that massage the figures to make it look as if more individuals are closing their accounts. Some...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: We are aware of that. Of the accounts that were closed by individuals as opposed to the bank itself - that is 22,000 minus the 8,700, so approximately 14,000 - how many were closed through the switching process as opposed to the direct method?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Why is that percentage so low?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Is there any direction to staff in Ulster Bank to encourage people to do the direct move as opposed to the switcher process? The switcher process is obviously more labour-intensive from the bank's point of view and its agenda is really to get out of town as quickly as possible.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Last year, the Central Bank wrote to Ulster Bank to set out its clear expectations. Earlier this year, the director of consumer protection in the Central Bank, Colm Kincaid, said that banks are not where they need to be. Just yesterday, Ms Howard attended a round table discussion for CEOs. It is clear the Central Bank does not believe that the banks are up to scratch, in terms of where they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Can I just ask a question? I do not contest the figure of 70% of people banking online or digitally. Many people will do transactions digitally but would Ms Howard agree that a large proportion of people, far more than 30%, open a bank account in-branch? The numbers provided to the committee from other banks which have seen accounts opened in recent months, such as AIB, show that a large...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: What happens six months after the letters that were issued on 13 April? Is it the case that these people will be frozen out of their bank accounts if they have not switched? They will not be able to withdraw money from an ATM, or pay standing orders and direct debits; is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Okay. Thirty days after that, Ulster Bank will issue them a cheque if they have any money in their account. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: I refer to customers who have overdrafts. We are in the middle of a cost-of-living crisis, as I am sure Ms Howard is aware. Many families are pushed to the pin of their collar. What will happen to customers with overdrafts who have not dealt with them by that point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: What happens in six months plus 30 days when the bank has frozen them out of their account, closed it and issued them a cheque if they have any money left, and there is an overdraft on the account? Will Ms Howard inform the committee how many Ulster Bank customers have overdrafts and give the average on those accounts? What does the bank do? Will it send it to a debt collecting agent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: But there will be customers who cannot pay their overdrafts. What will Ulster Bank do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: Sorry. People are out there saying that they are finding it difficult to pay their electricity bill and are really struggling to put food on the table. Inflation is at 7%. Ulster Bank is withdrawing and they have been loyal customers. They have an overdraft of €2,000 and their account has to be closed by September or October. The kids will be going back to school then. What will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: So they will not have an account in the bank but they will still have an overdraft from the bank. How does that work? The account will be closed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: I am talking about customers who have not opened a new account who have an overdraft. Ulster Bank has closed their account on them in six months. What happens to the overdraft?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland (18 May 2022)

Pearse Doherty: We know that. With respect, what happens? We know the supports. Ms Arnett wants to talk about the supports. I want to talk about what happens to the individual who cannot clear their overdraft, and has not closed their account. We know that Ulster Bank will close their account after six months and issue them a cheque 30 days after that if there are any funds. I am asking for clarity and...