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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: Are there trackers there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: Have they been notified?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: A question was raised by Senator Paddy Burke on the earlier meeting with the Vice-President of the European Commission. The note Senator Burke referred to was on encouraging and continuing a more durable reduction in non-performing loans through resolution strategies that involve write-offs for viable businesses and households, with a special emphasis on resolving long-term arrears. That is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: -----the code on the treatment of customers-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: -----as the loans go on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I want the bank, as it sells the loans, to ensure that does not happen. I have given an example already in terms of the case concerning the individual who wrote to us. All of this brings me to the global restructuring group, GRG, and I know Mr. Stanley may not wish to comment. Of all of the banks to have come before the committee, Ulster Bank has offered the excuse of the closed period...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: We are also aware of what happened in the banks and how distressed the banks became.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: Does Ulster Bank have to go to it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I ask Mr. Stanley to quote part of his statement from this morning to the parent bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I refer to when Mr. Stanley said: "We believe we have a moral obligation to be fair and to put things right as quickly as possible when it goes wrong."

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: In the light of all of this new information that has come out-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: -----from different banks and the Ulster Bank-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: -----with regard to customers, Mr. Stanley might very well go back and say Ulster Bank should reopen and take a fresh look at this matter because it is now customer-friendly, its staff are cuddly people and would like to make sure everybody is okay. That stance also might be a start in rebuilding trust with the SME sector. I ask Mr. Stanley to come back to us on that matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: Mr. Mallon was mentioned this morning for his non-attendance. We are quite happy to accommodate him if he wants the right to reply and to come before the committee. I ask Mr. Stanley to pass on our invitation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I find it strange that the engagement with Mr. Kissane went on for so many years but alarm bells did not go off in the bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: When a customer has been put on a lower rate than what he or she should have due to error, is there a discussion with the customer before the rate is increased to what it should be?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I know the bank advises before a change is made. If the bank made the error in the first place and is putting a customer on an increased rate, it should ensure it talks to such customers to ensure the extra payment will not cause any hardship.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Ulster Bank (1 Feb 2018)

John McGuinness: I thank the witnesses for attending.

Written Answers — Department of Education and Skills: Schools Building Projects Status (1 Feb 2018)

John McGuinness: 110. To ask the Minister for Education and Skills the status of a building project at a school (details supplied); and if the matter will be expedited. [5076/18]

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