Results 16,581-16,600 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: Has Ms McDonagh written to ask any of the 9,400 victims how it felt that the bank took their money and denied them of it for the last number of years? Has Ms McDonagh asked how it felt to the customer, their family and loved ones so that she as chief executive officer of the bank can make an informed decision as to the level of compensation to be awarded instead of giving blanket...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: The question was how many of the 9,400 victims Ms McDonagh has written to as CEO of the bank since she took over and asked to explain the pain and suffering her bank made them go through so that an informed decision could be made. I am not talking about the people who wrote to the bank begging it to give them back their money and explaining the circumstances. What proactive approach did Ms...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: This is not personal to Ms McDonagh as we know she has just come into the bank. When I refer to her as CEO, I am talking about the entire bank, in particular those at senior level. However, she said in her opening statement that the bank placed a clear emphasis on the legal interpretation of its mortgage agreements but did not go far enough to ensure fully that it was delivering the right...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: Ms McDonagh said the original 600 were denied their legal right. Obviously, the bank was on the wrong side of the law in those cases. She said it was black and white. Why did this happen and why was it resisted until 2016? If it was so black and white that the bank was in breach of the law and was denying the customers their rights, has Ms McDonagh come to a conclusion or been told...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: We will come back to the responsibility issue. We have heard similar stuff from AIB. It is beyond belief. The issue here relates to Bank of Ireland's staff. The witness gave us the number of impacted persons who have been restored in tracker mortgages. There are currently large numbers of Bank of Ireland staff still being denied the tracker mortgage and the bank is still in breach of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: Within that cohort?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: The only people the bank put back on the tracker rate in relation to the two-year fixed rate are those who had a tracker mortgage prior to fixing. These are a cohort of individuals who were on a two-year fixed rate and who may have had a variable mortgage beforehand. However, this communication said very clearly, in respect of existing staff mortgage accounts, staff who are currently on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: We might leave discussion about voice recognition technology for another day.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: It is a different story but I shall fill in the Senator later on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: I welcome the initiative in communities. I have been taking part in them for several years and have seen them go from strength to strength. It is a great initiative. That is all the niceties over now. I would like to read out some of the Official Report of the committee's meeting the last time Bank of Ireland came before it, on 21 September last, for Ms McDonagh. The Chairman questioned...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: This letter was issued on 9 October 2008. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: We do not have it to hand either despite the fact that Mr. Liam McLoughlin made a commitment to this committee that he would provide us with the documents because the Chairman asked Mr. McLoughlin to confirm that the letter had issued and if so would he provide the committee with a copy and Mr. McLoughlin said he would get a copy for the committee. The Chairman asked whether the letter had...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: Does Mr. O'Beirne have a note there? Does he know the timeline?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: Okay. This document was issued to all members of staff - if I am correct, there were in excess of 2,000 staff at the time - on 9 November 2008. That would be the day before Bank of Ireland withdrew its tracker mortgages. Is it correct that the letter withdrawing this commitment was not issued three weeks later?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: There are two cohorts here. There are 1,850 who have now been restored onto their trackers and who will get compensation and redress. Then there are a couple of hundred others. This is the cohort I talked about who were not on trackers, who went onto a two-year fixed rate and who were issued with this also. Is it correct that they were issued with the exact same communication as the 1,850?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: The point is that the same information was circulated to all the customers who were on the staff two-year fixed rate with the bank. The same correspondence was issued to them when they originally moved to the two-year fixed rate - the same information provided on 9 November 2008, on 4 November 2008 and on 20 November 2008 - and yet Bank of Ireland has deemed that 1,850 of them can get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: They would have been communicated with. On existing staff mortgage accounts - the staff two-year fixed rate - it states that they would revert to tracker mortgages. The bank's staff are watching these hearings. I received an email from one staff of member who is in this cohort that the bank has deemed non-impacted, which means that it will not give them back the money that they are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: I will ask the individual to provide the details. I am sure that this individual is not the only one and I am sure they have gone through all the processes within the bank. Let me tell Ms McDonagh how I am 100% convinced. Before Ms McDonagh's time, but only four months ago, bankers from her bank sat there when the chairperson questioned them. At that stage, they were telling us that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: That is an individual case but there is a group of them. I will ask the individual whether he will present the information to the bank. However, there is an onus and responsibility on the bank to look at those couple of hundred staff members and ask the question again of itself. My last question-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Bank of Ireland (30 Jan 2018)

Pearse Doherty: My last question is again in regard to individuals who are not deemed impacted by the bank, and I asked the same question of AIB. For those who had an entitlement to a tracker mortgage and who would have fixed for a period, by the time the fixed period had expired, the tracker mortgage was no longer available on the market so they would have been offered a variable rate or to fix again. If...