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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: What sort of guarantee would Mr. Mitchell give to people who are at odds with the bank in terms of dealing with and examining their cases and so on?

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: How was that handled in terms of PTSB's desire to understand the customer's case and the assistance it can give to the customer? Is the bank proactively engaged with customers who are at odds with it about the position of their trackers? Does the bank give them the benefit of the doubt? Is there flexibility within its dealings with them, relative to their circumstances or their case?

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: How does it work? Is it all internal in the bank, this appeals 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: I am just asking. I do not know the answer.

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 the Central Bank or PTSB's internal correspondence with a customer should indicate that they were on a tracker mortgage at some stage, I presume they automatically go back on a tracker mortgage. They are entitled to it.

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 am asking again about the correspondence we discussed earlier. If that correspondence existed showing that a customer should be back on a tracker and he or she was not back on a tracker, would PTSB take immediate steps to examine the matter, and if it were found to be the case, would the person go straight back on a tracker?

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: How much resistance does PTSB put up to these customers?

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 would depend on the strength of that correspondence and the rights in the tracker.

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: How quickly can the people who are at odds with the bank about these trackers get a meeting with the bank?

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 give Mr. Mitchell a file on one of those customers after this 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: I understand that the bank would deal with these issues in a very professional way and that is what I would expect. There is no drum to beat about it.

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: Mr. Masding will get it and probably has it already. He keeps referring to one case but it is not just about this one case. I am giving him an example of some of the correspondence I have received. I understand the task of the bank in examining each and every case, which may all be different, but I want to ensure that people who go to the bank with a grievance about their tracker get a...

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.