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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I want the bank to reply to them in good time and I want the door to be open to them. In some cases, according to people who have written to me, there are issues around those headings and approaches. As Chairman of this committee and as a public representative, it is my duty to ensure that Mr. Masding fully understands that there is more to banking in Ireland than profitability.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: Good. I want to ask about the High Court ruling on the warehousing of part of a mortgage, including a split mortgage, and the witnesses have answered the question here. How stands the position for those customers to whom the bank wrote on the split mortgage offer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I ask the question because, in the reply to us, the bank stated it was reviewing the High Court ruling and the implication for the group's existing split mortgage. The bank states that the case confirmed that the split mortgage was a legitimate alternative when considering a solution. Has the bank written to those customers who were aware of the High Court case to clarify that its offer of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: What has been the response to the bank's offer? Has there been a good response?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: Deputy McGrath raised the amount of correspondence we have received, from many customers who are affected. One person said:When my tracker restored in August 2015 I was one of the many people caught in this rate-not-specified bracket. The tracker rate applied by PTSB to my mortgage account is 3.25% plus the ECB, but according to the calculation by PTSB contained in my original mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I have not finished asking the question so I cannot know whether the bank has answered it or not. I am drawing the letter to his attention. The customer is one of many unhappy customers in this category. Do they get pushed to go to the limits to get redress from the bank? Mr. Masding said they could go to the ombudsman or the courts but these are hard-pressed customers who maybe do not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I will take this case as an example and follow it up with Mr. Mitchell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: There is no need to apologise. If you listened to the question and gave me a chance, you would not have to apologise.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I thank Mr. Masding and his colleagues for attending.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: We are resuming in public session. I welcome Mr. Wim Verbraeken, chief executive officer of KBC Bank Ireland, and his colleagues. I understand that this is their first appearance before an Oireachtas committee. I draw the attention of witnesses to the fact that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I thank Deputy McGrath and I call Deputy Pearse Doherty.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: I spoke to Mr. Verbraeken earlier. I am a customer of the bank, as I am of other banks. KBC Bank has a branch in Kilkenny. I have to say I have been impressed by the manner in which the bank engages with customers, both through its technology and through its branches. When Mr. Verbraeken agreed to come before the committee today, because the bank has a different offering and a different...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: It is a public meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: If I went to the public meeting tonight and I repeated at that public meeting that my position was as Mr. Verbraeken has outlined, I would probably be lynched before I would get to the exit door. That is how angry the customers are. They are angry because of the lack of information and the devastating effects of living in banking limbo is causing them such distress. Mr. Verbraeken has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: If there are customers, either in the Public Gallery or watching this on their screens, who hear that message that if they are in this type of difficulty, there is a way in the bank of addressing their case specifically based on the hardship, financial and otherwise, they may be experiencing, will the bank reach out to those people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: Has KBC Bank had that kind of contact already from individuals involved in this tracker issue? Have individuals come forward stating that they are in difficulty and they need the bank's immediate attention, and asking can the bank deal with them? Has KBC Bank had that experience to date? Has the bank dealt with customers like that in a positive way?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: But if the bank had, it would obviously deal with them is what Mr. Verbraeken is telling us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: At least we have that much information for them. How robust is the banks' paper trail in respect of all of these accounts? Is Mr. Verbraeken satisfied that the bank has sufficient information on each account that makes him believe the bank may have all of the information or does he feel there are gaps in the bank's system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: Okay. In terms of dealing with the Central Bank, KBC Bank will not meet the deadline. Obviously, KBC Bank will inform the Central Bank of that. Is KBC Bank expecting to be sanctioned because of that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)

John McGuinness: An issue was raised earlier with Mr. Verbraeken about one particular client having to pay €800 in excess. A comment was made earlier about dealing with individual cases that might come to the bank. I presume such a case falls into this category.