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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: If we divide €200 million by 4,000 cases even, and I know we are at only 3,500, it is approximately €50,000 each, and there is an element obviously of legal costs and everything else in that. Have we any idea of what people are getting? There are 40 cases. It is tiny but it is something.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: So there are cases-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: I accept that. Of the 3,500 or thereabouts to which we are now referring, Mr. Blair is saying there are people who will have remediation before compensation or including compensation of up to €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: In terms of the monetary amount of some of the larger compensation packages, Mr. Stanley is talking about figures of in and around €100,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Is €100,000 the maximum?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Could it be €500,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Based on the bank's existing information, and I accept it is not the whole way through all the phases yet, what is the maximum?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: But more than €100,000 could be €2 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: What is the maximum after €100,000?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Any idea?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Could Mr. Stanley supply those figures to the committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Fine, but sooner rather than later. In terms of the LIBOR issue that affected the RBS group on a global scale in the UK and USA, was there any issue in Ireland? Was Ulster Bank fined or was any division of RBS Group in Ireland affected by the LIBOR issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: So there was nothing identified in the operation in Ireland that had any issue to do with that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: The likelihood of Irish citizens being affected by it through Ulster Bank's operations in Ireland are negligible.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: The bank is acknowledging that some Irish customers could have had dealings with RBS in the UK or some other part of the world.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: The witnesses did not have sight or knowledge of this, however.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Is the bank aware that there were Ulster Bank customers affected by it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: In terms of the global restructuring group, GRG, which we covered quite comprehensively the last time the witnesses came before the committee, there was certainly a contention that it was set up to go into businesses and try to keep them going. Other people have told us this was not the case, and certainly there have been reports on how the GRG operated in the UK, where it was to get into...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: Does Mr. Mallon accept that it did happen in the UK? Various programmes made about the GRG in the UK contended it certainly did.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Ulster Bank (5 Oct 2017)

Gerry Horkan: How many were examined in the the Mason Hayes & Curran debt report?