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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.

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: In response to Senator Conway-Walsh earlier, the Governor stated, referring to the banks and regulation, that we regulate the banks to keep them safe. Earlier this morning, he stated that we care a lot about the banks. What does he mean by those two statements?

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 where the difference is. I have listened attentively from 10 a.m. to what the Governor had to say. That statement and how the Governor now balances it in terms of society emphasises the difference between the Central Bank and myself and, I believe, the Oireachtas Members because our task here is to put people front and centre. One might apply, in legislation, the so-called lesser...

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: They are bypassing what the Central Bank is doing. I ask the Governor to listen to us. I am not making up the story. I do not believe any other member is making up the story. It is fair to say from what I and others know that they are running rings around the Central Bank to push people out of their homes. When they turn up at the door, it is a frightening experience. When the letters...

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: That is a different issue, one which was dealt with by Deputy Michael McGrath.

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: What are the credit servicing firms obliged to report to 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: We have been through this. I want to use my time wisely because we are approaching the end of the meeting.

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: Is ACC Loan Management still regulated or is it working out its loans through another entity?

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: 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 understand it is working through its loans. To return to my earlier example, the individual in question informs me that he has tried time and again to engage with and contact the lender but nothing has happened. This wears borrowers down. They become worn down by the ducking and diving in which regulated entities, namely, the agent, engage. This is the cause of greatest concern to...

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: Will the Central Bank take a closer look at the agents?

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: In one estate in Kilkenny an agent issued letters to residents, some of whom lived in housing owned by the county council. These house were not in the agent's portfolio, yet representatives of the agency in question visited the estate and knocked on doors. That is the carry-on Members experience on the ground. As I outlined, in one case a representative of an agency knocked on the door of...

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: 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 will circulate to the Central Bank the material I have on ACC Loan Management. As a member of a credit union, I am a great fan and supporter of credit unions. Professor Lane indicted that the Central Bank had a clear vision for the credit union sector in terms of what credit unions should do, how they should be regulated and so forth. He noted that credit unions had dealt with the...

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: Without recourse to the taxpayers, in the main.

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