Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The programme for Government commits to complete the repair of the banking system and ensure the banks support the wider public interest. We are far from achieving this objective. The Taoiseach may have noticed that the Financial Conduct Authority, FCA, in Britain is considering further action against Royal Bank of Scotland, RBS, because of the actions of its global restructuring group, GRG. The Taoiseach should remember those three initials - GRG - because they will play a big part in this Parliament in the coming period. The FCA, in a recent report, found instances of inappropriate treatment of 92% of viable businesses that were part of its review. In this State, the GRG operated as part of Ulster Bank and all the evidence points to similar treatment. A total of 2,141 businesses of Ulster Bank were placed in the GRG where they believed they would be restructured and saved but were instead placed on death row. Information provided indicates that as few as six of these businesses emerged from the GRG alive. These companies were asset stripped by a subsidiary of Ulster Bank.

Senior bankers in Ulster Bank told barefaced lies to the Joint Committee on Finance and Public Expenditure, and Taoiseach on this issue. The Central Bank is dealing with the matter and is in discussions with Ulster Bank. Political pressure needs to be brought to bear, as was the case with the tracker mortgage scandal. Will the Taoiseach or the Minister for Finance do anything to raise these issues with Ulster Bank given that it put 2,141 Irish companies on death row because it was more profitable to do so?

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