Kevin Humphreys (Dublin South East, Labour)
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I have one other question before I pass over to Senator Hayden. I had an interesting engagement with the chief executive of Bank of Ireland, Mr. Boucher, at the last meeting. He made a blanket policy statement on the manner in which he will deal with personal insolvency practitioners. He said there would be no write-down ever and that it was not the bank's policy in any circumstances. I will paraphrase the Governor words: this is not in the borrower's interests, it is not in the shareholders' interests and it is not in the taxpayers' interests to make these blank statements, especially with regard to the way the bank deals with personal insolvency practitioners. Furthermore, page 5 of the opening statement states that the agency disagrees with him.

What does the Governor have in his toolbox to deal with Bank of Ireland and other agencies which made such statements during the hearings? Mr. Boucher seems to have taken particular pleasure in explaining his position to the committee.

As far as I can see, this is against Government policy and it is against the Governor's opinion on the interests of the bank and the borrower. Does the Governor have in his toolbox a mechanism to deal with these rogue agencies which are operating in the banking sector? That is a strong word, but this is Government policy and it is in legislation. It is against Central Bank policy. The Governor has articulated how it is in conflict with his view. Does the Governor have a mechanism for pulling these into line?