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

As the Deputy is aware, the Central Bank of Ireland is responsible for the regulation of the financial services sector. I can confirm that while the Central Bank cannot generally comment on interactions with regulated firms, Ulster Bank Ireland is engaging with the Central Bank in regard to Global Restructuring Group. In November 2016, Royal Bank of Scotland announced a complaints process for SME customers in Ulster Bank’s Global Restructuring Group and indicated publically that a "customer is in-scope for the new complaints process if they were a small or medium sized enterprise under the control of Global Restructuring Group in the United Kingdom or Republic of Ireland between 1 January 2008 and 31 December 2013".

In line with its risk-based supervisory approach, the Central Bank has been and continues to monitor all relevant issues as they arise from a system perspective. The Central Bank will continue to monitor this matter and is overseeing complaints received for any issues arising, particularly in the context of SME regulations compliance. The protection of SME customers is a priority for the Central Bank. The Central Bank’s SME regulations provide key protections to SME customers, including those on handling complaints and managing arrears and financial difficulties. The Central Bank also continues to engage with the UK FCA on this matter. I am confident that the Central Bank will act as appropriate on this matter and that it possesses the necessary tools to do so if required.

See this speech in context