Oireachtas Joint and Select Committees

Tuesday, 28 May 2019

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

Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd

Mr. Tim Bush:

My first suggestion is that the committee try to compare notes with the politicians at Westminster on the committee who have come to a view on the issue. It is a cross-party view. It transcends political parties because they see the effect it has on the people they represent. The interesting thing is that much of the disinformation in this House and at Westminster is the same stuff that is being recirculated. However, the politicians have seen through it, as have members here. I would certainly compare notes. The other reason for doing so is we made an analysis of what we called the banking crisis in the United Kingdom and Ireland. Many do not realise Ulster Bank is under RBS and that Bank of Ireland does a great deal of business in Ulster, to the extent that it even issues bank notes in pounds in the North. HBOS had enormous loan holdings in the Republic. The banking systems in the United Kingdom and Ireland are amazingly intertwined; therefore, some communication between the two islands would be beneficial. Both are suffering from effectively the same disease.

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