Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The central allegation is that the GRG was something of a graveyard for businesses and that Ulster Bank, much like Royal Bank of Scotland, RBS, in the United Kingdom, acted inappropriately and very aggressively in the appointment of receivers and liquidators, with the ultimate objective of gaining control of the assets of the underlying business.

That is the central allegation. Last month the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, received an update from Ulster Bank. Ulster Bank in Ireland has received 48 complaints at this stage as part of the Global Restructuring Group complaints process and, as of last month, had paid out just €362,000. What is the Central Bank doing on this issue? The Financial Conduct Authority in the United Kingdom undertook an investigation. The Central Bank knows that Ulster Bank engaged in wrongdoing in the treatment of customers in the GRG. As the regulator, what has it done to deal with the issue?

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