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

I thank the Minister for his reply. I respect the independence of the Central Bank and it is true that while matters are ongoing, it does not disclose actions relating to individual institutions. However, Deputies deserve some more information on what the word "engaged" means in this context. The Minister has indicated that the Central Bank is engaged in this issue. We know what the bank's role is, what its statutory powers are and what harm has been done in this case. Deputy Pearse Doherty outlined some of the allegations made. While a start has been made in refunding complex fees in Ireland, that is not the full story. Although the Financial Conduct Authority in the United Kingdom did not uphold some of the most serious allegations made against Royal Bank of Scotland, it certainly found much evidence of inappropriate behaviour. There is no reason to suggest the same practice was not evident in Ireland in the case of Irish borrowers of Ulster Bank. The central allegation is that GRG was essentially a graveyard for businesses which went into the group but did not come out again. We need transparency, answers and accountability in that regard.

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