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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: If a customer has been overcharged by €60,000, he or she receives 10% compensation and 10% of the overcharge amount is the deal. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: I would have imagined that this money should have gone directly to the customer. In the case I mentioned, that did not happen. Part of the money was used to offset the part of the mortgage that was warehoused. Does the bank apply that policy across its accounts? Do the officials think that is fair?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: I am asking in general.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: Does the bank consult the customer about that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: I would have thought, given all that the bank has done to families and individuals, that it would have at least paid them back directly or, in consultation with them, deal with the moneys that were due to them rather than take the decision within the bank to allocate, in this case, a certain amount against part of the mortgage that was warehoused.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: Does Mr. Masding think that is fair? Given all of the trauma, stress and everything else that the bank has heaped on these people, that is what he does with them without consultation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: The customers may very well appeal the figures given by the bank. Should the bank not wait for the appeals process or the process entered into by the customer to finish before it takes money and puts it back into an account? The customers have been deprived of the appropriate rate and product, and their lives have been affected. Mr. Masding has decided for the bank to keep that money, or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: I know, Mr. Masding. That is the difficulty. He just keeps on throwing out the same mantra to question after question. I have asked him about humanity and compassion; I have asked him about everything. As he has said himself, he is "comfortable" with everything that he is doing. I must tell him that the bank's customers are uncomfortable with a lot of the stuff that he is doing. He...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: This customer says that they are not happy with the way they have been treated. They want their overpayment refunded, and feel that 10% compensation is far short of the mark, considering the years of hell they have been through. Mr. Masding does not seem to get that. That is the difficulty that I see.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: The witnesses' organisation sends people into these processes. It is fine that the processes are there, but why does Permanent TSB not act in an upfront way with them? Why does it not try to remove the hardship they have experienced from their lives? Why does the bank not live up to the witnesses' words? There are very fine words in the opening statement. However, the bank's actions,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: Mr. Masding baffles me. He cannot be without some sort of humanity and compassion. His every word, in the beginning of his statement and during the questioning, concerned rebuilding PTSB. Does he know what he should do? He should attempt to rebuild the lives that have been destroyed by PTSB. That in itself would rebuild PTSB. I do not see him doing that. The customers that have written...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: I am asking Mr. Masding what standard he has. What standard does his bank have? Let us forget the Central Bank and so on. This is about Mr. Masding and his customers. He must have a standard. His bank must have a standard. How would he apply that standard to these customers? Take what I have read out, and what Mr. Padraic Kissane has said, as being true. In view of that, does he think...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: Shocking. This bank has not changed one single bit. If it got the chance tomorrow it would do exactly the same thing. I do not believe for one minute that it was a systems failure. One bank's representatives came before the committee and told us that the tracker mortgages may have stopped because their bank was losing money on them. In answer to Deputy Doherty, Mr. Masding continued to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: That is it? What did Mr. Masding think?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: What did Mr. Masding think of the knowledge Mr. Kissane has of the tracker issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: So did Mr. Kissane give Mr. Masding a different understanding?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: The witnesses should be ashamed of themselves, given the manner in which they are conducting themselves now, and the way they conduct themselves with customers. If I was interviewing Mr. Masding for a bank licence, I certainly would not give it to him.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: Are there any other questions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Permanent TSB (6 Feb 2018)

John McGuinness: That concludes our meeting. I thank Mr. Masding and his colleagues for attending.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: KBC Bank (6 Feb 2018)

John McGuinness: I welcome Mr. Verbraeken and his colleagues to this meeting. I wish to advise the witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, they are protected by absolute privilege in respect of their evidence to this committee. However, if they are directed by the committee to cease giving evidence on a particular matter and they continue to so do, they are entitled...