Bank public interest director
Peter Mathews asks who will replace the deceased public interest director at the partly State-owned Bank of Ireland and links the issue to oversight of mortgage rates. The Chair repeatedly says the matter should be raised through another procedure.
It is apparent from the focus of today's Leaders' Questions and now the debate on the Order of Business that, notwithstanding the look back into the past with IBRC and Irish Nationwide, etc., we have a far greater duty to concentrate on the present and what we can do for the 300,000 mortgages that are managed by what I would refer to as a duopoly rather than as the pillar banks. It is wrong that they are earning 2% super-profits on variable interest rate mortgages. The number of people on Bank of Ireland's board or court of directors has decreased from 14 to 12.
Comment on this
That is not a matter for the Order of Business, as the Deputy knows. It is on legislation.
Comment on this
Its annual general court will take place next Wednesday, 29 April. It is important because the person who had the most influence on that court for two years and ten months was Wilbur J. Ross, who made a profit of €500 million on an investment of €350 million. He is gone.
Comment on this
The Taoiseach has said that the Government will introduce measures to deal with the mortgage interest rate problem.
Comment on this
Who is the public interest director in the bank in which the people of Ireland have a 14% stake? There is no such director at the moment, because Joe Walsh unfortunately died several months ago.