Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 7 and 32 together.

I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, the Ulster Bank Ireland designated activity company is engaging with the bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent third party and the automatic refund of fees to SME customers in the Global Restructuring Group, GRG, in the United Kingdom and Ireland between 2008 and 2013. In February this year Ulster Bank sent letters to SME customers who were in this group between 2008 and 2013. The letters informed them about the new GRG complaints review process and whether they were included in the automatic refund of fees. Ulster Bank has indicated that a large proportion of its customers have now been contacted. The Central Bank encourages all GRG customers who have concerns or issues to fully engage with the complaints process. More information is available at: .

I am confident that legislative changes since the financial crisis have equipped the Central Bank with the necessary investigative, regulatory and enforcement powers to ensure regulated financial service providers adhere to the requirements of financial services legislation. In addition, the Central Bank is proactively regulating the financial system and has issued regulations aimed at protecting SMEs when dealing with regulated and unregulated firms. The revised SME regulations introduce specific requirements for regulated lenders, including contacting and warning SME borrowers and expanding the grounds for appeal. Under the regulations, regulated financial services firms must have a complaints handling procedure in place. Complaints against financial institutions should first be discussed with the institution concerned. The Central Bank will continue to monitor and engage in this matter.

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