Mattie McGrath condemns banks' 'Wild West' treatment of customers
Mattie McGrath criticised banks for failing to extend a COVID-era moratorium, accusing KBC of "robbing and stealing" customers and saying tens of thousands of businesses are waiting anxiously. He urged the government to require banks to grant moratoria and to deal sensitively with customers who are 'hanging on by their fingernails'.
Bank conduct criticised
McGrath accused banks — naming KBC specifically — of robbing and stealing from their customers and described the sector as like the "Wild West." He said tens of thousands of businesses, from musicians and contractors to taxi drivers, bus operators and small firms, are anxiously awaiting clarity on moratorium extensions.
Moratorium deadline and official response
McGrath warned the current moratorium is due to run out in a couple of days and referenced a 30th of September cutoff mentioned in the debate. The minister responded that the Minister for Finance is meeting the banks next week and that the timelines stem from European banking authorities rather than direct government action.
Calls for decisive government action
McGrath urged the government to decide that banks must give a moratorium and to require banks to deal sensitively with customers in this time of need. He criticised the practice of having customers "dragged, kicking and squealing," and said families and employees depend on a swift resolution.
Advice for customers in difficulty
The minister said banks and customers should work together on case-by-case arrangements and encouraged anyone in difficulty to act now, before the 30th of September, to secure the best arrangements and possible payment breaks.
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Minister, you've outlined already, you've discussed what KBC have done in robbing and stealing from their customers. Tens of thousands of businesses, whether they be musicians, whether they be contractors, whether they be taxi men, or bus operators, you name it, or small businesses, are waiting anxiously for the next number of days to see will the banks, all the banks, extend the moratorium. In a couple of days' time it runs out. You told somebody earlier that the Minister for Finance is meeting the banks next Tuesday, I think. Why put people through this misery, in this COVID situation, that the banks have to be dragged, kicking and squealing all the time, instead of being up front and half decent with their customers and giving peace of mind. These customers are hanging on by their fingernails, providing to their families and their employees. And it's shocking that the banks of this country are just like the Wild West and will not respect any business, any length of time that people operate with them and have people hanging on like this. Surely the Government can decide that banks must give a moratorium and must deal sensitively with people. in this time of need. All right, thank you, Ebony. Thank you, Ebony. Deputy Mayor of the Soundings, Minister Donny was meeting the banks on Monday. This stems, or the timelines or the dates, from the European banking authorities rather than anything that the government has done. But as I said earlier on in the Leader's questions, this is not a statement that there cannot be further payment banks. There is not to exclude it. It is possible for banks, and I would very much encourage the banks and the customers to come together to look to make the appropriate mechanisms to get customers in difficulties through this crisis, including the extension or continuation of breaks. But for those who are in difficulty, who may feel that they do need it, they should act now, before the 30th of September, to try and get the best arrangements for them. It has to be on a case-by-case basis, and that advice and message should go out to any constituents who are in that position.
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