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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee (Resumed) (10 May 2018)

John McGuinness: I want to place on record my response to the interview this morning with Ms Emma Nic Mhathúna. I was shocked by the content of the interview. I do not know how to explain it. All we can do is extend our good wishes to her and her family and wish her the very best for the time ahead. In my opinion the State has failed her. She said this morning that she was dying when she did not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I wish to advise our guests that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to the committee. However, if they are directed by it to cease giving evidence on a particular matter and continue to do so, they are entitled thereafter only to qualified privilege in respect of their evidence. They are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I thank Professor Lane. On 10 January he wrote to the committee about the meeting we had had with Mr. Jonathan Sugarman. That issue has not gone away. I was delayed in preparing a minute, but I have it now. I will be circulating it to him and coming back to him again on the issues he raised, particularly the issue of him being told by senior managers in the bank not to report further...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I will follow on from Senator Paddy Burke's questions on credit servicing firms. First, the firms acknowledge that the Central Bank has been in touch. However, they still refuse to come in here. It is hugely important that they come in to explain how they operate and so on. As long as they do not, the customer is badly served. Customers are complaining to us about the treatment they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I accept the Central Bank is committed. Is it an acceptable standard that someone would make a submission in December 2017 seeking basic information and not receive a response to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This is a simple question. I write to someone in December and he or she does not bother answering me. Is it not a basic courtesy to go back and forth? That basic courtesy is not being afforded to clients of vulture funds and that is a problem. They are turning to us for protection. I am turning to Ms Rowland and she is wrong in respect of unregulated entities and having a solution with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Yes, we have a vote. We will suspend until 1.30 p.m.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Before the suspension I asked Professor Lane about regulated service agents and unregulated vulture funds, and about the role of receivers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I remind all witnesses and members to check their phones.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Can the witness address the question on the role of the receiver?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Receivers are in the middle of the mix from time to time. What is their role? Is there any regulation that mentions receivers within the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I know the role receivers play. I am wondering whether there is any regulation in place relative to the banks and the appointment of receivers and how they operate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Who regulates that? Is it regulated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I searched my emails when the session was suspended, and I want to give the witnesses an idea of the emails we are receiving, apart from the examples I provided earlier. A lady writes that listening to politicians talking about vulture funds over the past few days has been infuriating, and that some have no understanding of the process, never mind the paralysing effects on human beings....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Professor Lane is missing the point. I am not arguing that the code of conduct is not there. I am saying that, whether it is a vulture fund or one of its agents managing the mortgage on behalf of the fund, no heed is paid to the code. Who will the affected person turn to? There are many others on record. Who will they turn to in order to have their rights acknowledged?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This exchange is farcical on this point. I have read out one email - I have loads of them - and I gave Professor Lane examples of the others. I acknowledged the code of conduct and everything else that is there. The point is that these funds and the banks know the code of conduct is there but they ignore it. For example, Professor Lane said to me that restructuring would go on. In one...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I will just say to Mr. Sibley that no civilised society could possibly accept what is going on in the banking sector, with the vulture funds and these regulated agents. We should be stopping it. The Central Bank of Ireland and whoever is responsible for the code of conduct should be kicking these firms around the place to acknowledge it and protect the rights of citizens.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: No. It is that very point. They are not acknowledging the code of conduct in dealing with people. They are not even civilised in their exchange with individuals.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I call Senator Kieran O'Donnell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: We covered that matter earlier on.