Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have been raising this issue at the joint committee on finance for a couple of years. I also brought it to the attention of the Taoiseach on the Order of Business last week. This is another scandal involving 2,141 Irish companies being placed with the Global Restructuring Group, which basically was death row. Ulster Bank informs us that fewer than 100 of these companies came out of the process alive, while other reports suggest only six survived.

The Minister referred to compensation and other matters. Ulster Bank has acknowledged wrongdoing in the application of complex fees. However, this is only one aspect of the issue. In Britain, where the Financial Conduct Authority is continuing its assessment, we know that the authority's interim report summary found, among other matters, that the GRG had placed "an undue focus on pricing increases and debt reduction without due consideration to the longer term viability of customers". It also found a "failure to handle the conflicts of interest inherent" in the structure and operation of West Register, GRG's property arm. Even the name, West Register, was duplicated by Ulster Bank and the experiences of Irish businesses have been the same as those investigated by the Financial Conduct Authority. Has the Minister discussed this issue with Ulster Bank? Is he willing to engage with the victims of GRG to hear at first hand their experiences at the hands of a bank that is regulated in the State?

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