Seanad debates

Tuesday, 10 July 2012

3:00 pm

Photo of Tom ShehanTom Shehan (Fine Gael)

It is unfortunate that it took the incidents in Pheonix Park at the weekend for people to express their frustration at the abuse of alcohol and drugs. I have raised the issue here on a number of occasions, but I am not holding my breath that something will happen because it is six weeks since I wrote to the Garda Commissioner about the activities engaged in on O'Connell Street, the boardwalk, etc., and I have yet to receive a reply.

I want to pose a question about the shambles at Ulster Bank and make the following points. If wages are still being paid into customers' accounts, lodgments are still being made and money is not being distributed to pay bills by direct debit, etc., it is safe to assume that Ulster Bank has built up significant deposits in recent weeks on which, no doubt, it will have earned interest. I seek clarification on the interest it has earned on such deposits since the commencement of the IT glitch. I assume the idea that it should profit in any way from this affair would not find favour. I hope, therefore, that any interest earned on deposits will be given to customers. Personally, I am sick of hearing the CEO of Ulster Bank state customers will not be out of pocket. I believe the figure being amassed on a daily basis on deposits is massive. One must deduce, therefore, that it is not in the bank's interests to sort out the IT problem quickly because it is earning significant interest on deposits on a daily basis.

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