Oireachtas Joint and Select Committees

Thursday, 26 January 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Business and Banking: Discussion.

10:00 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have seen that report and we will follow it up with Ulster Bank. Regardless of whether it is six or 96, the fact is that over 2,000 Irish companies, with tens of thousands of employees, had a huge tax bill. Given what people from these businesses have said to me privately, they went bust as a result of being put on death row by Ulster Bank.

With the support of the committee we will, hopefully, continue to pursue this issue. I believe that the Central Bank has to carry out this investigation. It is not appropriate for businesses that have been thrown to the wolves to have to fight this through the courts. Our regulators are there to do the job. This committee was instrumental previously, as was mentioned by Mr. Beades, in dealing with the tracker mortgage scandal. Our letter to the Central Bank, on foot of a request from the Irish Mortgage Holders' Organisation, led to the industry-wide investigation which we now know involved 15,000 victims.

Hopefully, the pressure from the committee results in some sort of clarity. Ms Lavin mentioned that the Ulster Bank lied to us. Can she explain exactly or, after the meeting, submit the transcript of what Ulster Bank stated and exactly why Ms Lavin believes it was not accurate? I am not sure if it was-----

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