Éamon Ó Cuív (Galway West, Fianna Fail)

It had €1.6 million in the bank and its loans were up to date. It was fully within the terms of its loans and the interest had been paid. The bank transferred €1.1 million of that money without notice to offset against its term loans. If that practice is carried across to other businesses, it will have a significant impact because a company which puts money into its bank account can no longer be certain that it will not be offset against term loans that are up to date.

This is one of the covered banks, into which we have put billions of euro to ensure businesses can trade. What is the Government going to do to ensure that the issue is dealt with and that the covered institutions are told in no uncertain terms that the practice is not acceptable because businesses have to be able to function normally and the normal rules of business must apply? I want a specific and clear answer regarding what the Government intends to do to ensure this will not be the first of many cases whereby the banks carry out this outrageous practice.

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