Pearse
A loyal customer who banked with you for 20 years. Continued to meet their repayments. But this year fell on harder times and was restructured. Met it for 6 months. She informed you that she had identified cancer cells in her body. Three days later you wrote to her telling her that her mortgage was sold.
Despite the fact that she was only €1,800 in arrears.
How can you sit there with a straight face saying that?
Masding
You would expect a lot of repossessions.
We are a regulated entity.
We spent many hours trying to get the right mix. We have a high level of exclusions.
Pearse
Do you think that you were responsive to that person?
No other banks are doing what you are doing.
How many of the 7,400 are currently meeting their restructuring arrangements
Masding
The least compassionate response would have been to repossess the homes
We did remove vulnerable customers from the sales process
The sale does not affect her rights.
Pearse
Repeats the question: How many of the 7,400 are currently meeting their restructuring arrangements?
Jeremy
There are no performing loans in Project Glas.
They are either restructured or associated with a BTL which is not-performing
Pearse
Did you not tell us that 1,500 were performing according to their restructure
Jeremy:
Three groups
1) Not sustainable
2) Long term arrears and unlikely to pay
3) Can't remember the third group.