Results 17,801-17,820 of 35,756 for speaker:Pearse Doherty

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

Pearse Doherty: Let us put this in context. The bank has 1 million accounts, including current accounts, savings accounts, loan accounts, mortgage accounts and other accounts and it is able to deal with them by and large efficiently enough. Now the Central Bank and the Ulster Bank have put their hands up that the bank has been overcharging its customers and has been doing so for quite a period of time. We...

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

Pearse Doherty: Let us move on to the second part, that is, redress, which is the third phase in terms of the Central Bank. Ulster Bank is dragging its feet. The bank's customers have written to me, to Deputy Michael McGrath and to other members of the committee to tell us about financial difficulties resulting from the fact that it has not gotten to grips with the issue. Mr. Mallon told my colleague that...

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

Pearse Doherty: Just under 40, which is not good enough. The Central Bank told us that in February 2,600 customers across the banks were given redress. I take it that not one of Ulster Bank's customers was given redress in February. We have been critical of delays in some of the other banks, but how is it that they could get their act together and start not only putting people back on tracker rates but...

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

Pearse Doherty: The level of complexity cannot be any greater than those with which the other banks are dealing. Banks all did the same thing, namely, denied tracker mortgages to their customers and took - I would use the term "stole" because the money was taken wrongly - approximately €600 per month from certain customers. Some payments were higher or lower. In some cases, customers are entitled...

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

Pearse Doherty: The final report-----

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

Pearse Doherty: The date for the final report was the end of September. The plans were to be submitted by 31 March and there were supposed to be monthly updates on progress from that date onwards.

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

Pearse Doherty: Has the final report, which was due no later than 30 September and which closes out phase 2, been submitted to the Central Bank?

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

Pearse Doherty: The guidelines issued by the Central Bank to all banks states, "The monthly updates to be submitted by the lender to the Central Bank by no later than close of business on the last day of the month, commencing April 2016 with the final update to be provided end September 2016."

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

Pearse Doherty: Is that the final one? That means every single person who was denied a tracker mortgage or who was wronged by the bank has been identified and there is no further examination-----

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

Pearse Doherty: Okay. What will the level of compensation be? A figure of 12% was mentioned. Is the figure higher or lower?

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

Pearse Doherty: Again, that is awaiting approval from the Central Bank.

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

Pearse Doherty: I refer to those individuals who were overcharged by Ulster Bank and who, as a result, had their homes taken from them. Has the bank identified whether it still has ownership of some of those homes? Was it able to give people back their homes or were they all sold?

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

Pearse Doherty: They have all been sold.

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

Pearse Doherty: On redress, I understand the figure is slightly higher in respect of customers who have lost their homes. Are any of the 14 customers involved part of the fewer than 40 who have been issued redress?

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

Pearse Doherty: Have cheques for €50,000 been issued to all 14 customers?

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

Pearse Doherty: I will move on from that. I want to raise another issue that I have raised privately with Ulster Bank and with the Central Bank. I understand Ulster Bank is sending out new mortgage contracts or updating the terms of contracts. A clause in the new contract has been brought to my attention. I ask the witnesses to explain the reason for it. The new term the bank is inserting into existing...

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

Pearse Doherty: The Central Bank stated it would not necessarily prevent the term being applied in a manner which could give rise to an actual contravention of the code. There are concerns here. It is wrong because many people do not read the terms and conditions of their contracts. However, the bank is inserting a condition into a contract which is extremely favourable to it and which will give it a lot...

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

Pearse Doherty: If they enter into a contract and that is a term of the contract that is fair enough. That is what they are signing up to with eyes wide open but it is not fair for individuals who entered into a different contract that the bank at a later stage changes one part of the contract making it more favourable to the bank.

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

Pearse Doherty: I will let my colleague pick up on the Global Restructuring Group, GRG, and I may come back in on that.

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

Pearse Doherty: I was going to come in on the interest rate differential but Deputy McGrath has covered that. I seek a clarification from Mr. Stanley about phase two. We discussed this earlier but for complete clarity, what is required from the Central Bank is a final report following completion of phase two of the examination to be submitted to the Central Bank by no later than the close of business on 30...