Mr. Jerry Beades:

We will submit a paper to the committee on the receivership issue because it is a no-man's land, which is probably the best way to describe it. No one understands it. As an organisation, we have been at the forefront of a lot of receivership disputes. We have been involved in court cases where we have challenged receivers and have been successful in a number. This goes right across the banking sector to include even what Ms Lavin is talking about and the Governor of the Central Bank. When a private individual has to go to court, law is an evolving concept, based on precedent. As such, the case that goes first sets the scene for how one's case will be dealt with. In fact, in banking law it never evolves or develops because the banks have long pockets and fight one the whole way to the steps of the court. When they are going to lose, as we have seen in a number of receivership cases, they settle on the morning of the trial. They buy the case off. As such, the law for the citizen never develops. There is a famous case, namely, McPhillips, who was against a receiver and what went on in it was appalling in the cross-examination done by lay litigants. This was early last year. It got so embarrassing for the receivers involved that, with a couple of million owed, it has been settled for buttons. Of course, there is a confidentiality clause. In fairness, the judge was one of the few judges down in the Four Courts who allowed lay litigants to conduct cross-examination to get to the bottom of it. Most of the Judiciary do not because they are compromised because of their own involvement with banks.

Citizens' law never develops. We have a massive problem down the courts. It is not just the Judiciary. The courts system is not fit for purpose and neither is the Central Bank. The oil case I referred to, which has run for three days in the courts, has not even got media coverage. What has come out of it is that the Central Bank, the Governors and the ECB are totally immune from prosecution. I have prosecuted 23 governors and 23 central banks. It is back in court next week. The outcome is that they are immune even though the Slovenian governor was arrested and the Slovenian bank has been raided for €300 million fraud. They are claiming they is immune and the Slovenian police are saying they are not. It is a complete farce. When one talks about the banking sector and the private banks the guys are talking about, we are all part of groups and we all interact. I attend their meetings and I am familiar with it. With the Central Bank and the ECB, it goes to the heart of Europe. It goes to the heart even at the moment of Brexit. Where is Europe taking us? The whole banking sector is not fit for purpose in Europe, which is another day's battle. I am going into another area which is probably not for this committee. However, there are serious issues to be addressed for ordinary citizens.