Tom Shehan (Fine Gael) | Oireachtas source

I welcome the Minister to the House. I concur with my colleague on the other side regarding Goldman Sachs specifically. Anecdotal evidence has been made available. While the case in question involves large sums, the organisation involved has the wherewithal to take on Goldman Sachs and defend itself. My greatest fear is when it trickles down the line, smaller organisations and SMEs under the grasp of Goldman Sachs will be pulverised.Some of the conditions imposed on these people are unethical and unwarranted. In this specific case, although the company has made repayments of €6.5 million this year and has not come anywhere near a default or a missed payment, a representative is being sent to board meetings to put pressure on the company, and aggressive communication is also being used. Warning letters are sent out stating that if something is not signed by this evening it will be taken as a default. In fairness, when the banks were pestering and pulverising homeowners, telephoning them at weekly intervals and sometimes daily, a halt was put to their gallop. Something similar needs to be done in this case. I understand that in January 2016, legislation is coming forward to increase regulation, but will that be too late. As Senator Darragh O'Brien has said, if we are made aware of other anecdotal evidence about the likes of Goldman Sachs - or Goldman Sachs specifically - coming down heavy-handed on performing businesses and putting jobs at jeopardy, we should do something about it. Such pressure should not be put on companies with performing loans. They were not interfered with as a core tenet of banking. If cases are brought to the attention of the Department, as has been sought by Senator O'Brien, perhaps this legislation could be used to deal with it. I know the Bill deals specifically with homeowners, but where commercial loans are involved, especially with regard to companies that employ large numbers of people, they need protection too.