Shane Ross (Dublin South, Independent) | Oireachtas source

Correct. This is something on which we should reflect, particularly given the fact that the stress tests are approaching. It is no coincidence that Mr. Wilbur Ross, who is no relation, decided to sell in advance of those tests. He also left the Minister in a rather difficult situation as the largest shareholder with a declared interest in selling at some stage overhanging the market. We are in trouble on that front.

Even if we do not like doing so, we should reflect on the fact that, despite the banks now forming a duopoly, others outside Ireland do not see the bright future that we have been led to believe they have. The two pillar banks are not just a duopoly. When two such powerful bodies operate together, we revert to the old days when AIB and Bank of Ireland ran what was close to a cartel. This is reflected in the difficulties, not just for small to medium-sized enterprises, SMEs, to which this Bill is tailored, but also for retailers and small customers.

I will tell the House two short stories that reflect the arrogance of AIB, which is almost completely State-owned, and its failure to adapt in any way to customers' changing circumstances and about whom it does not care. The small customer will pay for the banks' debts one way or the other where the taxpayer does not.

A few days ago, I received a letter from AIB. Thousands of people also did - I asked around. That letter was a response to my application for an overdraft facility for the next year, subject to a number of terms. The bank decided to give it to me, it was granted at a charge of €25 with all sorts of penalties, etc. The bank claimed that I had applied to get it renewed. The fact of the matter is that I never applied for it, but the €25 charge was to go straight onto my account. When I rang the bank about it, the person who had signed the letter did not have a clue what it was about and stated that he had signed hundreds of thousands of letters. All of those people were each charged €25 for something they had not requested.

Accompanying the letter was another one asking me to sign a customer consent form, although I cannot remember its exact name. By signing it, I would have consented to AIB coming to my place of work to address my loan at any stage. In other words, AIB could send the heavies around to Leinster House or Agriculture House at any time to embarrass me, presumably if I was running against the rules of the overdraft. This would not have embarrassed me particularly, but that AIB would call to the doors of more vulnerable people because they gave consent in the belief that it was the right and probably mandatory thing to do is unacceptable. This is the sort of bullying tactic that is going on and is the Government's responsibility because it owns AIB. The previous Tánaiste told me that the Government could not micromanage, but it can and it should to inject a new culture into the arrogance in AIB.

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